All Forum Posts by: May Cornwall

Thanks for your frank opinion, Aaron K. I have tried to engage them as investment partners and shareholders in the property, but they do not share my long term vision of creating a legacy for our own heirs. Since their vision is short and cash may be their immediate need, I have been researching and I am preparing to approach other investors and lenders, including commercial lenders. I am still searching these other options and will present/negotiate the best deal I can with my siblings/niece. I agree that I should wait out the probable hold out heir. I appreciate and will certainly take into account all that you have shared.

Thanks for your insightful response and questions. I think I needed to be clearer in first post. I am one of the heirs (6th) and there is no loan on the property. Yes, selling was imminent as family rep had requested a listing agreement, which I abruptly interrupted with the declaration that I would not sign the listing because I wanted to keep property in family and would make them an offer. Their response was okay, make us an offer. I think that there is some leverage my position. The property is free and clear but has been abandoned and has no income whatsoever. We (except one heir) jointly pay taxes and liability insurance annually. The property listing would have been around $1.5M based on comparables, acreage, and historic value. Considering my vested share, estimate of repairs, and other costs, I was going to make initial offer between $1.0-1.1M. Uncertain about cost basis question.

I am planning to make an offer to buy an inherited property from my 5 co-heirs. The home on the property needs major renovation and repairs. After the renovations, it is my intention to hold this property as an exclusive short-term rental. I would like to structure an owner financing offer for a 5-year term at a 4% interest rate, with no down payment and no monthly payments for 18 months. I am not sure that I will be able to negotiate this deal with all 5 heirs - may have 1-2 hold outs. I was hoping if anyone had this or similar experience with co-heirs that you could share experience and recommend information or resources that would be helpful.