Posted by Sophia on December 13, 2005 at 10:58:04:
Thought about creating a note or having your partner mortgage the property?
Co owners in Land - Posted by F
Posted by F on December 13, 2005 at 24:01:06:
I am a Co owner in some land in Colrado. I live in Ca. and he lives in Colorado. The property is paid off and i want to sell my portion and move on to another investment. He does not have enough to buy me out. What are my options?
Re: Co owners in Land - Posted by colvegas
Posted by colvegas on December 18, 2005 at 12:56:10:
Well you have a few options, the first thing you need to establish is what you ownership interest is worth…??
YOu can do a cash our refi for the amount you both agree on payable to you.
Another savvy mehtod is to vest the property into a land trust and assign you beneficial interest and sell your interest in the trust to anohter investor.
You can aslo create a parital seller note to anohter investor or buyer who wishes to own land in your area.
The nice thing is if you go the land trust route you now control the land insteading of owning it the trustee would own it and you can use the asset or your percentage of beneficial interest toward your next investment and and land trust offers another party the opportunity to control the property and allows your property to be invested into legally, ethically and of course safely.
If I can help you further please feel free to contact me at 702-400-7632