Updated almost 2 years ago on . Most recent reply
Looking for advice on Co-Share property
Hi All, newbie here. I purchased a property in a Del Webb 55_ community, with my parents in Indio CA, 3 years ago. My parents have been living there until recently when I had to move them back to the Bay Area due to heath issues. I don't want to sell the property, however given the need to rent another place for my parents I can't afford to keep it solely on my own. I'm considering short- or long-term rental but current demand is low due to the offseason. I'm also thinking about looking to co-share the ownership. My thoughts are to have an investor that buys into the current equity ($200k / 2 = $100k buy-in) Home value is +/- $645k (++ golf cart and fully furnished) splitting the mortgage/utilities/upkeep expenses going forward (+/-$4700 / 2 = $2350 monthly) and split the use time of the home and all future profits 50/50.
Any experiences, the good, the bad, and the ugly would be appreciated. Also, how would you work the current title without refinancing, as I have a great rate in the 3s? Anything that I would need to do to protect myself from someone not paying their portion of the expense going forward and having their name on the title? How can I prevent them from listing the home? I realize some of these questions would require a real estate attorney, but hoping I can get some insights and perspective from others who might have experience. Open to other suggestions/ideas as well.