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Updated over 1 year ago on . Most recent reply

User Stats

23
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5
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Gerich Fellermann
  • Investor
  • Portland
5
Votes |
23
Posts

Partner buyout - 3 SFR's in 3 states - how to finance?

Gerich Fellermann
  • Investor
  • Portland
Posted

Hello all,

I have a 50% interest in 3 properties in 3 different states and am trying to buy out my partner in each property.

#1 - Charleston, SC area - Worth: ~800k / Balance on mortgage: $230k / Excellent rental history 5y+ @ $3,300/month / Divorce buyout 

#2 - Syracuse NY area - Worth: ~600k / Balance on mortgage: $185k / No rental history (just inherited with brother) but in a desirable area so local realtors say it will rent easily in the $2,000-$2,500 range / Brother is partner

#3 - Kansas City, MO - Worth: ~200k / Balance on mortgage: $100k / Excellent rental history 4y+ @ $1,200/month / Divorce buyout 

First choice is to pay off partners in a clean lump sum now (one wants to buy ASAP in another market, the other wants to build ASAP), but I'm open to brainstorming for options.

I live in Portland OR and rent my primary address.  I am self employed and try to minimize my W2 income.  Credit is 800+.

I have ~$120k in an inherited IRA that I could liquidate as well, but would prefer not to if at all possible.

House #3 is least priority and could be used to offset the cost of the buyout on #1, but it cashflows so if I can keep it that would be great.

I know it's a tough rate climate, but I'm looking for any creative options, and lenders who operate in all three markets that could help streamline the process.  Bonus points for creativity in the creative thread!!

Let me know if any other relevant info is missing.

Thanks in advance for any & all help!!

Gerich

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