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Updated almost 8 years ago,

User Stats

6
Posts
2
Votes
Chris Fox
  • San Leandro , CA
2
Votes |
6
Posts

Renters Pooling Together to Buy Share of Property

Chris Fox
  • San Leandro , CA
Posted

Hello,

I live in the Bay Area and rent with 5 other tenants. The property is owned by a family with three siblings each with an equal 1/3 share. One of the brothers wants to sell his share.

We (tenants) have begun discussing making a bid to buy out the brother's 1/3 stake in the property. At least 3 tenants are interested in making an offer.

How would we go about making a legitimate offer? Would we group together as an LLC? Would we apply for 3 separate mortgages?

I can think of plenty of Cons in this situation but this is in a prime Bay Area so I want to see how feasible this is.

Appreciate any feedback. 

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