Selling 15% of the ownership. Income potential. Current value of the property is over $525,000 and 15% comes to $78,750. Taking into account for current mortgage, list price is $55,000. The 15% mortgage payment including taxes, insurance and HOA comes to $350. The current 15% seller will become a tenant and pays a rent of $500. The new 15% owner will net a $150 profit while the equity and appreciation of the property keeps increasing. The 85% is owned by another member of the family. Each person has the right to sell their shares in the property anytime. The county record will show the buyer's undivided interest of 15% ownership in the property. Lease terms are negotiable and can be terminated by tenant with a 30-day written notice. Talk to an attorney if you have any further legal questions.
Listed by:
Abida Realty, LLC
Source:
BRIGHT MLS