- This topic has 55 replies, 8 voices, and was last updated 14 years, 2 months ago by
sdduuuude.
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October 3, 2010 at 10:18 PM #613255October 3, 2010 at 10:29 PM #612832
(former)FormerSanDiegan
Participant[quote=Ricechex]Monthly rent = $1200
Monthly mortgage = $1015 (impound acct. includes PITI)
Gardener = $50 month
Yearly maintenance varies, some years it has been up to $5000, other years $1000.
House needs new roof, new exterior paint, and likely the water heater is gonna go soon too.
It would sell for $160K, we owe $128K.What is an alligator property?[/quote]
This isn’t a great investment. But if you did not have a partner, it might be worth the effort to keep it (your paying down the note and getting a tax break for a modest outlay).
But, it sounds like the real problem is that you put more into it than your partner and that deferred maintenance is limiting the property performance.I would get out , You’ll likely net less than 10K each (or less, assuming your price is in the right ballpark) after sale expenses/taxes.
If your partner doesn’t want to sell, ask them to buy you out. They can get a property manager and realize the value you added.
October 3, 2010 at 10:29 PM #612197Participant[quote=Ricechex]Monthly rent = $1200
Monthly mortgage = $1015 (impound acct. includes PITI)
Gardener = $50 month
Yearly maintenance varies, some years it has been up to $5000, other years $1000.
House needs new roof, new exterior paint, and likely the water heater is gonna go soon too.
It would sell for $160K, we owe $128K.What is an alligator property?[/quote]
This isn’t a great investment. But if you did not have a partner, it might be worth the effort to keep it (your paying down the note and getting a tax break for a modest outlay).
But, it sounds like the real problem is that you put more into it than your partner and that deferred maintenance is limiting the property performance.I would get out , You’ll likely net less than 10K each (or less, assuming your price is in the right ballpark) after sale expenses/taxes.
If your partner doesn’t want to sell, ask them to buy you out. They can get a property manager and realize the value you added.
October 3, 2010 at 10:29 PM #612949Participant[quote=Ricechex]Monthly rent = $1200
Monthly mortgage = $1015 (impound acct. includes PITI)
Gardener = $50 month
Yearly maintenance varies, some years it has been up to $5000, other years $1000.
House needs new roof, new exterior paint, and likely the water heater is gonna go soon too.
It would sell for $160K, we owe $128K.What is an alligator property?[/quote]
This isn’t a great investment. But if you did not have a partner, it might be worth the effort to keep it (your paying down the note and getting a tax break for a modest outlay).
But, it sounds like the real problem is that you put more into it than your partner and that deferred maintenance is limiting the property performance.I would get out , You’ll likely net less than 10K each (or less, assuming your price is in the right ballpark) after sale expenses/taxes.
If your partner doesn’t want to sell, ask them to buy you out. They can get a property manager and realize the value you added.
October 3, 2010 at 10:29 PM #612283Participant[quote=Ricechex]Monthly rent = $1200
Monthly mortgage = $1015 (impound acct. includes PITI)
Gardener = $50 month
Yearly maintenance varies, some years it has been up to $5000, other years $1000.
House needs new roof, new exterior paint, and likely the water heater is gonna go soon too.
It would sell for $160K, we owe $128K.What is an alligator property?[/quote]
This isn’t a great investment. But if you did not have a partner, it might be worth the effort to keep it (your paying down the note and getting a tax break for a modest outlay).
But, it sounds like the real problem is that you put more into it than your partner and that deferred maintenance is limiting the property performance.I would get out , You’ll likely net less than 10K each (or less, assuming your price is in the right ballpark) after sale expenses/taxes.
If your partner doesn’t want to sell, ask them to buy you out. They can get a property manager and realize the value you added.
October 3, 2010 at 10:29 PM #613265Participant[quote=Ricechex]Monthly rent = $1200
Monthly mortgage = $1015 (impound acct. includes PITI)
Gardener = $50 month
Yearly maintenance varies, some years it has been up to $5000, other years $1000.
House needs new roof, new exterior paint, and likely the water heater is gonna go soon too.
It would sell for $160K, we owe $128K.What is an alligator property?[/quote]
This isn’t a great investment. But if you did not have a partner, it might be worth the effort to keep it (your paying down the note and getting a tax break for a modest outlay).
But, it sounds like the real problem is that you put more into it than your partner and that deferred maintenance is limiting the property performance.I would get out , You’ll likely net less than 10K each (or less, assuming your price is in the right ballpark) after sale expenses/taxes.
If your partner doesn’t want to sell, ask them to buy you out. They can get a property manager and realize the value you added.
October 4, 2010 at 10:04 AM #612923sdduuuude
ParticipantFlip a coin.
The winner gets to decide if they are player A or player B.
Player A chooses a price.
Player B decided “buy” or “sell” at that price.
Problem solved.
(I have hear this called a Chinese Fire Sale, or Mexican Standoff)
October 4, 2010 at 10:04 AM #612286ParticipantFlip a coin.
The winner gets to decide if they are player A or player B.
Player A chooses a price.
Player B decided “buy” or “sell” at that price.
Problem solved.
(I have hear this called a Chinese Fire Sale, or Mexican Standoff)
October 4, 2010 at 10:04 AM #612372ParticipantFlip a coin.
The winner gets to decide if they are player A or player B.
Player A chooses a price.
Player B decided “buy” or “sell” at that price.
Problem solved.
(I have hear this called a Chinese Fire Sale, or Mexican Standoff)
October 4, 2010 at 10:04 AM #613039ParticipantFlip a coin.
The winner gets to decide if they are player A or player B.
Player A chooses a price.
Player B decided “buy” or “sell” at that price.
Problem solved.
(I have hear this called a Chinese Fire Sale, or Mexican Standoff)
October 4, 2010 at 10:04 AM #613353ParticipantFlip a coin.
The winner gets to decide if they are player A or player B.
Player A chooses a price.
Player B decided “buy” or “sell” at that price.
Problem solved.
(I have hear this called a Chinese Fire Sale, or Mexican Standoff)
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