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Updated 2 days ago on . Most recent reply

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25
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6
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Andrew H.
  • Hartford, CT
6
Votes |
25
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Creative Exit Strategies for 2-Unit Multifamily Co-Owned with Family – Ideas?

Andrew H.
  • Hartford, CT
Posted

Hi BP community,

I'm looking for some creative strategies or advice on a somewhat unique ownership situation.

I co-own a 2-unit multifamily in Hartford, CT (North End) with my sister. I live out of town, she lives nearby. The challenge: I’d like to sell my share, but she wants to hold long-term and doesn’t qualify for a mortgage refinance on her own.

What I’d love input on:

  • Are there realistic ways to sell just my 50% interest? (e.g. bringing in a new co-owner/investor)
  • Has anyone successfully done this with the new buyer financing their way in (i.e. new mortgage—not assuming the current one)?

Here are the key details:

  • Property Value: ~$290,000 (per Zillow)

  • Mortgage Balance: ~$172,000

  • Estimated Equity: ~$118,000

  • Ownership Split: 50/50 between my sister and me

  • Monthly Rent: $3,450 total

    • Unit 1: $1,650/month (Section 8)

    • Unit 2: $1,800/month (also Section 8, recently vacant and being re-tenanted)

  • Ground Lease: $150/month to a local charity (drops to $75/month if owner-occupied)

    • Lease is 99 years, and automatically renews with each sale

    • Charity has confirmed they will not allow a buyout of the lease

My goal is to exit my portion cleanly. Open to creative structures if they can provide a fair solution for everyone.

Thanks in advance for any thoughts, similar experiences, or suggestions on who I should talk to.

Best,

Andrew

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