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Author Topic: Need Help Please!  (Read 1063 times)

Offline Ed-C

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Need Help Please!
« on: October 11, 2005, 06:40:39 pm »
I have a 4000sq ft log Cabin (Lodge) in Mt Zion Nat Park. Fully furnished and gorgeous! It sits on 5 acres with incredible views. The place is immaculate!

I am a part owner and have $60K in the cabin; my business partner wants to sell his half due to him buying a boat. The payoff is $277k. The cabin, not the land, was appraised at around $480k three years ago. Iím sure a new appraisal will be around $550K to $600K. The land in that area is going for about $20K an acre.

My partner wants to walk with $150K cash and have me take over payments ($2,400 a month). Is there someway I can create a second for a person to take half ownership in the cabin? Or can I have several part owners?  It is a great vacation home! I am willing to negotiate! I am open to any and all ideas.

Offline Investment Loans

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Re:Need Help Please!
« Reply #1 on: October 12, 2005, 01:55:03 am »
If I understand correclty, you are trying to get him off the note and title.  Then possibly add other people on.  The only way to get someone off the note is to refinance.
You can have any partners added on or removed from the title easily but remember that if they are not on the loan, then there is no financial responsibility.

I hope I understood your scenario correctly.
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