All Forum Posts by: Andrew H.

Hi @Rick Albert - I'm less focused on getting the cash.  Mainly looking to make a clean break because I don't enjoy being a long-distance land lord. thanks,

Hi BP Lending Community,

I'm hoping to tap into your expertise for a somewhat unique ownership situation and get feedback—particularly from lenders who may lend based primarily on property cash flow and equity rather than borrower credit.

I currently co-own a 2-unit multifamily property in the North End of Hartford, CT, with my sister. I live out of town; she lives nearby and wants to hold the property long-term. I’m looking to exit my 50% interest, but she doesn’t qualify for a traditional refinance due to credit history.

Are there lenders who will refinance solely based on property equity and rental income—disregarding personal credit?

Property Snapshot:

• Estimated Value: $290,000 (per Zillow)

• Mortgage Balance: ~$172,000

• Estimated Equity: ~$118,000

• Ownership: 50/50 (between me and my sister)

• Monthly Gross Rent: $3,450

  • Unit 1: $1,650 (Section 8 – occupied)

  • Unit 2: $1,800 (Section 8 – recently vacated, being re-leased)

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

  • 99-year lease that automatically renews with each sale

  • Charity does not allow a lease buyout

Thank you in advance,

Andrew

Hi @LaMancha Sims - I just filled out the contact form on your site.  Will be great to connect this week at your convenience.  Regards,

Hi @Colleen F. - great idea on the investor loan.  Will repost this under lending as you suggest.  The amount of equity in the property should allow her to qualify.  Appreciate the advice.

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

Hi all - I am under contract to sell a 2-family property in CT; however, the ground is owned by a non-profit.

The buyer is getting FHA financing, and FHA is insisting on an appraisal comp for other leasehold properties to show marketability.

Are there any databases that list leasehold properties?

Thank you in advance.

-Andrew

Hi @Alex Dem - I would definitely appreciate a referral to your branch manager.  Thanks,

@Jonathan Greene - That is a great blog post.  Will definitely utilize the steps.  Thanks,

@Filipe Pereira - I actually invest in the Greater Hartford area.  It would be great to learn more about your broker.  Thanks,

Thanks Shawn.  I'll check out Keller Williams...

Hello - 

I am looking to hang my real estate license with a real estate broker.  I am looking to work part-time as an agent.  I want to use my license to have access to the MLS and to buy investment properties for my portfolio.  (I live in NYC and invest in CT.)  

Can anyone recommend a brokerage firm? 

Thank you in advance for your help.