need ideas concerning joint ownership - Posted by Jeff

Posted by Jeff on March 17, 2006 at 06:28:18:

Thanks for you’re thought. I did what you suggested and now he’s trying to have my other brother buy my half not sure how it’ll work out but we’ll see. I just need to learn alittle bit more about the process.
Thanks again.

need ideas concerning joint ownership - Posted by Jeff

Posted by Jeff on March 11, 2006 at 11:47:14:

I and my brother own a rental property that has tenants in it (lease until August)with about 75K equity, about 1/3 of property value. I am experiencing seriuos credit card debt and need cash soon. I have not approached my brother yet, but I was wondering what might be some options for me in this situation. I dont think we could refinance or even obtain an equity loan due to my current situation.
Thanks for any thoughts Jeff

Re: need ideas concerning joint ownership - Posted by dealmaker

Posted by dealmaker on March 11, 2006 at 14:05:21:

I’d approach my brother TODAY about buying me out, or at least a partial buyout up to the amount of your CC debt. I don’t know what amount you consider serious, but I consider any debt on which I’m paying ABOVE 20% to be very serious.

Look at it this way. If you didn’t have the house now, would you borrow money on a credit card to purchase it? I’m pretty sure the answer is NO. Dump that dumb debt.

dealmaker