Home Selling in 93314>Question Details

Djrizzo, Home Seller in 93314

How would I find someone to purchase my 50% of a rental property?

Asked by Djrizzo, 93314 Sun Jul 22, 2012

I own it with my brother who doesn't want to sell, and I simply don't want the time and trouble anymore...especially after becoming disabled and moving 100 miles away. It's a nice upper class home grossing $1,750/mo, netting around $1,300.00. Do investors purchase percentages? Where would I find one?

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Let’s say you found an investor, you should have a real estate attorney represent you on the sale of your half. Your brother should have what we used to call an “Equity Share Agreement” drafted by a real estate attorney. The first class way a “sale” of this would be with three real estate attorneys representing each person. The “what if’s” make an equity share agreement fairly thick. Your brother should approve his new “partner.” Most investor would be hesitant to park their cash with a stranger.

On the other hand, it would be best to have you brother refinance you out of the property. If you want to keep your brother; you probably don’t want to hire a real estate attorney to force a sale in a “Partition Action” (which tear families apart).
zipsm
0 votes Thank Flag Link Mon Feb 9, 2015
Let’s say you found an investor, you should have a real estate attorney represent you on the sale of your half. Your brother should have what we used to call an “Equity Share Agreement” drafted by a real estate attorney. The first class way a “sale” of this would be with three real estate attorneys representing each person. The “what if’s” make an equity share agreement fairly thick. Your brother should approve his new “partner.” Most investor would be hesitant to park their cash with a stranger.

On the other hand, it would be best to have you brother refinance you out of the property. If you want to keep your brother; you probably don’t want to hire a real estate attorney to force a sale in a “Partition Action” (which tear families apart).
zipsm
0 votes Thank Flag Link Mon Feb 9, 2015
I might be interested. rdunn1@san.rr.com
0 votes Thank Flag Link Fri Jul 27, 2012
Well, I hate to say it, but you're not going to.

The problem is that they're not just buying 50% of an investment, they're becoming equal partners with your brother, who is a stranger. Plus, they'd have to come in with cash or an unsecured note - your brother probably doesn't want a stranger to mortgage the property as a means of buying you out.

You are better off working something out with the brother - hiring a property manager, selling him your share on a note, something, anything other than wait for the needle to show up in the haystack with a light shining on it and a little bell signaling its presence.

All the best,
0 votes Thank Flag Link Sun Jul 22, 2012
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