Since I’m new to RE, this is not intended as advice
I’m guessing that the owners are listed on the property as each having 1/2 interest. Would it be possible to buy that 1/2 interest from one of the owners and amend the deed? Of course, you would also need to write up a nice contract with the remaining owner to make sure that he will still take equal part in maintaining the property, etc., and that he will still split the rental income with you.
Maybe you could do a warranty/quitclaim deed with Owner 1 and Owner 2 as the grantor (seller) and Owner 2 and You as the grantee (buyer).
How would you go about cashing out some of the equity for the owner? Take out a mortgage on the property and in your name only?
These are just a couple questions to get you to think creatively.
Possible 1st deal …need some advice, please. - Posted by ben buckley
Posted by ben buckley on July 20, 2001 at 15:31:34:
Well i think I have a good deal on my hands but I’m not sure about how I solve the seller’s problem. First a little about the house. It’s a large house on 3 lots, 3,300 sq. ft, 4 bedrooms in the house, a 2 bedroom mother-in-law apartment. I believe the house needs some work,plumbing,painting,other repairs. The rental income from 2 rooms and the MIL is about$1400/month. I believe they could be increased to bring in another $200/month. The monthly payment is about $2200. So that $400 a month between the two people who own it. The house is financed for $245,000 and 2 years ago when they talked to a realtor they said to list it for $500,000. So there is considerable equity in the property. The problem is that one of the owners, my boss at work (ironic huh), wants to sell and his friend does not. He is will to take probably $60,000 for his $125,000 to $150,000 in equity. So my question is is there some way he can sell his equity and have somebody else take over his part of the mortgage without having to refinance the whole thing. I could either move in myself or sell to an investor who would either try to buy out the other guy and sell or keep it as a rental. Well thanks for all your time and help.
