Apartment Deal - Posted by Justin

Posted by Ryan Steele on July 08, 2004 at 09:22:37:

Approach him about buying his interest and then have him quitclaim the deed to you. This happens all the time.

Then you and her can refinance the property.

Apartment Deal - Posted by Justin

Posted by Justin on July 08, 2004 at 02:50:46:

I have a friend of the family who owns a 6 unit property jointly with her brother. She wants to keep it, he wants out. My mother mentioned my name so I have a shot, since she knows I am in real estate and mortgage lending. She has been told to sell, she doesn’t want to. She was also told partners are dangerous from property management team. She needs to know that I would want to keep this property as much as she does. Chances are slim it’ll happen, but it only takes one deal.
How do I buy out his 1/2 ownership?
The loan on the property was for 300k 30/10 @ 9% 2415 piti, it is assumable with a fee of 1%. She wants to refinance it, he did not want to, he wants out(currently living in Europe). My thinking is to make an offer based on the difference between the appraised value, or net income approach. How could I do this so that I can get them both what they need, possibly refinancing to lower the rate as well, pay her a little. I have some equity and cash to do this, or I will find a way. The property has 3 units under market rent and the monthly income now is $5900. This could be the one that makes me! 100:1 Need any suggestions on how to make an offer
Many thanks.