Help! partnership gone bad - Posted by Mark, Newark, Ca


#1

Posted by Allon Thompson on October 11, 1998 at 16:40:18:

Having gone thru this exercise a couple of times, I would first find out what my partner would like to do. The partners flexibility will determine if you can owe him the money or does he have to have the cash? Is he motivated enough to be open to ideas? Will he accept the equity with the commission deducted? As the partner retaining ownership, my goal would be to have him finance for 50 years at 4%. To do that, have a deed prepared to deed property from you and partner to you. Do a HUD 1 and treat it as a sale.


#2

Help! partnership gone bad - Posted by Mark, Newark, Ca

Posted by Mark, Newark, Ca on October 11, 1998 at 12:48:21:

Hi All,

Can someone please tell the best way to buy out a partner
in a Rental investment. I do not want to sell the property
because of realtors fees and I do not have the time to sell
it myself. Do I need to consult a attorney? I figure the partner
has 19,017.66 in equity less the realtors fees of 2,192.00 for
a total of 16,825.66.

Please inform the relationship is beyond repair. Meanwhile the
tentants ( great tentants they pay the rent on time
and take care of the place as if it was their own home plus we are
getting a postive cash flow from the place )need some work
done but, the other partner does not want to put out any money
for repairs.

Thanks again


#3

Re: Help! partnership gone bad - Posted by phil fernandez

Posted by phil fernandez on October 11, 1998 at 16:18:22:

Get an attorney involved. Might cost you a couple hundred bucks, but well worth the money. You want to do this right.


#4

Re: Help! partnership gone bad - Posted by Justin

Posted by Justin on October 11, 1998 at 14:51:15:

Departing partner takes back a mortgage for the amount of his equity and deeds his ownership to remaining partner.


#5

Re: Help! partnership gone bad - Posted by Mark, Newark, Ca

Posted by Mark, Newark, Ca on October 11, 1998 at 15:47:17:

Thanks Justin,

I understand that but, what document do i use to
all ownership to myself? Lets say I write my partner
a check for the 16,825.66. for his equity what form would
I need to have him sign. Do I need to get a attorney
involved or anyone else for that matter?

Thanks again