Being Forced To Have Your Equity Bought Out?
Hey Everyone,
I had a partnership with two others during the acquisition of a couple properties, both of which are still currently being renovated. Leading up to the purchases, we had a verbal agreement of a 45%/45%/10% ownership, mine being the 10%. Upfront, the mistake was obviously not getting this agreement in writing. For our initial purchase, we used a hard money lender so we signed most of the same docs, the only difference I believe was that they provided personal guarantees on the loan.
With the partnership ending, and they wanting to buy out my 10% ownership, do I have a choice in the matter? We made the purchase in an LLC and we are all equal managers of the entity. I know very little about the legal aspect of real estate so any advice would be appreciated. Also, please let me know if any additional information of the situation would be helpful.
Thanks in advance.