Partnership Buyout
Hello,
I was wondering if someone could give me an unbiased opinion on my current situation. My business partner and I invested on a duplex together a couple years ago and all the sudden he decides he wants out. He asked me if I want to sell but with the current ROI and monthly profits we are making I think it would be unwise, so leaving me only one option to buy him out.
What would you consider a good/fair buyout for the situation listed below;
Purchase Price: 20K
Loan: 45K
Downpayment: 12K
Profits up to this point: 5K (joint savings)
loan term: 20 year (mind you its an arm and will adjust after next year pending we/I can get it adjusted to fixed)
years left on loan: 16 years
Thanks in advance and let me know if you need more info. I trade to be as vague as possible so I wouldn't influence any opinions