Unconventional partnership? - Posted by Todd A. Anderson
Posted by Todd A. Anderson on April 29, 2000 at 24:19:16:
Almost three years ago I got into the rental real estate game almost unexpectedly. I had called a realtor about a duplex that was in the paper and I also talked to my roommate about it. We had similar interests about not having to pay someone else rent anymore and it just went from there. To shorten the story, WE eventually purchased the duplex. I say WE because I bought it. Legally everything is in my name. We typed out a partnership agreement that said we were 50/50 partners and that we each had the right to live there and so on. We even signed it in front of a notary public and had him sign and stamp it. But this deal has never been recorded anywhere, we just both have a copy of it. I am on the good side because everything is in my name. I get all the tax benefits and his portion of the mortgage payment just happens to come to me in cash. I also refinanced when rates went down and have a very low rate. Is there a way that we can make this legally owned by us as a partnership without disrupting the financing that I have on it now? Things are good the way they are, but I would like to know just because. Any ideas?