Financing in 90744>Question Details

Ketshaun, Other/Just Looking in Los Angeles, CA

How can I acces my share of equity in a duplex?

Asked by Ketshaun, Los Angeles, CA Fri Aug 21, 2009

We own it free and clear. I own 50%, 1 unit. Two other parties own the other 50%. I want to access my share of the equity what can i do? lenders want the other parties to sign on the loan or sign off the property. I need to make some repairs and add a second waterline before i can convert to condo, so i don't have to deal with the other parties, but i don't have any available cash to do so i just put my last bit into the property to pass inspections before i could rent it out. Where can i get a loan of any sort on just my share of the property? youre suppose to make your money in this case equity work for you and they just don't get it.

0 votes Share Flag Financing in 90744

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If your duplex sits on one lot, then it's considered one property. Therefore, you own half of the lot. The only way you can get equity out is to have the other parties agree to quit claim the title to you, you refinance it, take equity out of it and then stick them back on (if you have to) or buy them out of their equity.

Financing is not done on the structure itself (unless it's a condo), it's done on the property that it sits on. It's like a house sitting on a lot with an attached garage. You can't sell the garage without the house. It's all or nothing.
0 votes Thank Flag Link Sun Sep 5, 2010
Unfortunately as long as it's a duplex or 2 unit and your all on title; your not going to be able to move forward withtraditional financing resources or anyone. Although you didn't say what method of title you have in place
0 votes Thank Flag Link Fri Jun 4, 2010
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