Posted by Sgt.Sausage on April 06, 2006 at 15:47:09:
==>I am more interested in the idea rather than this example given.
Well, the idea is silly. If you want a partner in a property, you want an investor partner, not a tenant partner. Tenants (always) have issues, and when you partner with them 50/50 on a house, those issues are now yours to deal with.
Partners are partners, and tenants are tenants. Never mix the two.
CAN I BUY 1/2 A HOUSE? - Posted by Cathleen (TX)
Posted by Cathleen (TX) on April 06, 2006 at 12:27:09:
Sorry if this goes long; I had a woman call me, she wants to stay in her home but it needs a lot of work. She is a recent widow in a home that her husband had planned on fixing. She owes appox. 20,000.00 with an appraised value of 32000.00. She wants to find someone who will buy her home and let her rent it back for what she is currently paying in mort. pmts. She wants the buyer to do the necessary work ( approx. 10,000.00) I was thinking of offering her 10,000.00 for 1/2 ownership. I could require that the 10,000.00 is used for the needed repairs. This is in rough mental draft stages- What do you think? Also, is there a market for offering to purchase 1/2 ownership in exchange for quick cash- I think it could solve some homeowners quick cash needs, and see a potential market but not sure if it could work. Thanks for feedback.
Re: CAN I BUY 1/2 A HOUSE? - Posted by Gavin Wilkinson
Posted by Gavin Wilkinson on April 06, 2006 at 17:11:25:
You can, but you don’t want to.
Very few banks will lend against 1/2 a house. You cannot evict a half owner that will not pay their share of the taxes/expenses. Very few buyers want to buy half a house, and if they do, they expect a sharp discount.
A half house ownership will create problems and expect to be paying alot of money to lawyers.
Half of nuthin is nuthin - Posted by DaveD (WI)
Posted by DaveD (WI) on April 06, 2006 at 13:11:43:
She doesn’t have anything to sell you. If she owes 20, it needs another 10 and is worth 32, what’s in it for you?
It is a great deal for her. “Yeah, I’ll sell ya my house, rent it back for what I was paying, and let you fix it up for me. Better yet, I’ll sell you half of it… yeah, that’s the ticket.”
Re: CAN I BUY 1/2 A HOUSE? - Posted by Matthew G
Posted by Matthew G on April 06, 2006 at 12:57:14:
Yes you can but I would suggest,check with the legal eagles on the site. I would put the home in a trust where you designate % of shares for each of you. this way you and your investment is protected.
exploring the concept - Posted by Cathleen
Posted by Cathleen on April 06, 2006 at 15:22:01:
I am more interested in the idea rather than this example given.
Re: exploring the concept - Posted by DaveD (WI)
Posted by DaveD (WI) on April 06, 2006 at 18:07:39:
The concept may make sense if they have HUGE equity they stand to lose. It is also loaded with legal issues. Has been done, but please pick lower lying fruit to start out with, OK?