Need advice on possibly botched JV
Hi all, I am also new to the forum. Looking for some advice as to how to proceed.
In 2012 I partnered up and bought a triplex to rent . We went 65% for him and 35% for me on the ownership and rent split as I was still young and didn't know any better. We were still living with our folks at the time so our 5 year plan was to live in 2 units and rent out 1 unit until we saved enough to move out and rent all 3 units.
Long story short, my wife and I tried to buy a new home but unexpectedly were denied a mortgage approval because although the property was split 65% to 35%, I am still liable for 100% of the loan but only 35% of the rent. What would be the best way to proceed? Sell the property, or keep? What would you do?
also FYI, We bought the triplex for 780k with 40k down. Recently has been appraised for 1.4m.
Any insight, would be much appreciated.