Posted by Michele on September 05, 2001 at 10:15:57:
Yes, he would sign off if I sell. I would rather share the profit with a complete stranger than let my ex take any more money from me. That’s why I would sell it for what I owe on the home. That would save me a lot of paper work and court fees. It’s legal right?
Major problem with possible rental. - Posted by Michele
Posted by Michele on September 04, 2001 at 15:57:13:
Well, I finally have an investment property! And I came about it easily. I used to live in it, then I moved in with my boyfriend and now the home is empty. I rented it out to a friend of mine for a few months, but she moved out a few weeks ago, and I am now debating on selling or renting again. I REALLY need the money a quick sale would get me, but I want the experience of renting it out. Someone my friend works with is interested in renting the house, possibly a lease option. The only problem now is that my ex-bf’s name is still on the home and the deed and he refuses to sign a quit claim deed unless, well I don’t know why… He already stated he wants his name off, but he wants off the loan too. I can’t refinance in my own name because he would still have to sign off, and my credit is not good enough right now to do that on my own. But I have an attorney working on that case for me, we plan on filing a petition for the courts to order him to sign. I have plenty of proof as to why he should sign the deed over to me. And the attorney said that it wouldn’t be a problem if I want to rent it out while we battle this out. I want his name off the deed so that he doesn’t receive any profits if I sell the house. He never put any time or money into it, therefor should have no interest in the profit (in my opinion). I guess what I need to know is: Would it be in my best interest to leave the home empty until I can get his name off? Should I try to rent it out while we battle this in court, or should I just put it on the market and fight about it if I get a buyer? Also, the insurance company said that I should switch my insurance policy so that it reflects the home as a rental now, but they can only do that if he signs too. Ugh.
Re: Major problem with possible rental. - Posted by Angel Gutierrez
Posted by Angel Gutierrez on September 06, 2001 at 09:48:22:
Michele,
Question for you…
Why are you worried about getting your EX off the deed and mortgage, when in my opinion, he should be worried about getting YOU off the deed and mortgage. Rather than cram the “I want you gone and get out of my life” syndrome down his throat, your best bet is the other way around. Get it?. . . It’s the illusion of control! This is a game lady! Play it right and play to win!
Angel
Dallas, Tx
Re: Major problem with possible rental. - Posted by Ronald * Starr
Posted by Ronald * Starr on September 04, 2001 at 16:52:23:
Michele----
Any idea when you will be able to get the ex fellow off the title? If in less than a couple of months, sure go ahead and keep it vacant. If you don’t mind paying the expenses with no income from it.
Will be more than 6 months? Rent it out.
Between 2 and 6 months? Sorry, I can’t decide for you.
Good investing and Good LawsuitingRon Starr***
Re: Major problem with possible rental. - Posted by Michele
Posted by Michele on September 06, 2001 at 10:20:54:
Thanks Angel, I know what you mean, but I’ve already tried going that route last year. I had tried telling him that he could buy out my share and I would agree to sell the house to him, but he tried getting loans in his name and couldn’t because he screwed up both our credit. So now I’m in the same boat. If this is a game, I must not know the rules, because I’m losing. Besides, he’s not worried about getting me off the loan because I always pay the bills on time. Any suggestions on how to play?
Re: Major problem with possible rental. - Posted by Michele
Posted by Michele on September 04, 2001 at 18:57:23:
Actually, I have no idea how long this process could take. Hopefully not long at all, but who knows, if we do go to court, how soon we could get a court date? Also, I’m sure my agent would be able to sell quickly, but if this process is drawn out, I don’t even want to market because I don’t want to scare away any potential buyers. I wonder how difficult it would be to get an investor to buy the home from us for the cost of what’s left on the mortgage plus any closing costs, then turn around and sell it again for market value and share the profit… Maybe 90% to me 10% to them… That would mean a profit for them of $5300 or so… Would that be considered flipping?
Re: Major problem with possible rental. - Posted by Angel Gutierrez
Posted by Angel Gutierrez on September 06, 2001 at 21:18:03:
In that case, sell it and be done with it and him. Move on to your next deal. There are just TOO many of them out there to be stuck on this one. From now on, only do deals with silent partners(if you have to). Now you know first hand how things can go south if you let them. It’s hard to recover afterwards.
Let me know what happens.
Angel
Dallas, Tx
Re: Major problem with possible rental. - Posted by Julie
Posted by Julie on September 05, 2001 at 07:50:28:
Michele:
You would still have to get your ex to sign off on the deed. Would he do that if you sold? Then you would have to purchase the house again, under the agreement that you would own a certain %, and your partner (investor) would own a %.
Re: Major problem with possible rental. - Posted by Michele
Posted by Michele on September 07, 2001 at 13:55:29:
Thanks, I think that’s what I should do. This house wasn’t meant to be a rental anyway, we lived in it. And I know I’ll never own another home with anyone unless I’m married to them. Thanks!