As I have written in part 1, a modest income homebuyer can get into a very expensive home by teaming-up with someone. This is certainly nothing new. But, it is certainly being used a lot more often these days, particularly, in places like the Bay Area.

Take Cousin R for example. He was living at home just like me until he got married (I think about 34). By combining the finances of his with hers and her family, they were able to purchase a home of about $450,000. The reason that it involved a third-party is that the bribe and groom each made somewhere in the neighborhood of about 65% of the area median income. And they also had modest savings. (Figures are approximate as I couldn’t pry my way to actual numbers!)

Cousin R isn’t the only relative who had lived at home until he/she got married and moved out. And, in every case, it was the lack of downpayment funds and/or buying power. That all changed when a second person was involved.

So, this may surprise the readers. But, it is no surprise to me. It looks like I will be following along their footsteps. Now, maybe, I am not being very ambitious and am just making up excuses. But, I am doing what I have to do, just like my other relatives.

A reader commented about using socioeconomic as a factor in determining my future bride. It is almost a certainty. Because I have been fortunate enough to live at home for as long as I have, I probably would bring more to table, financially-speaking. Now, it does not mean that I would never consider someone who is not as financially well-off as I am. It just means that she needs to score high on other factors. And another reader commented about what-if the other person bail-out. Well, in this scenario, being able to keep up with the mortgage payments would be the least of my worries.

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