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Updated almost 6 years ago on . Most recent reply

Dustin Thoms's profile image
Dustin Thoms's profile image
Dustin Thoms
  • Investor
  • from Sumner, WA
  • Member since Jan 31, 2019
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Dustin Thoms's profile image
Dustin Thoms's profile image
Dustin Thoms
  • Investor
  • from Sumner, WA
  • Member since Jan 31, 2019
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Dustin Thoms
  • Investor
  • Sumner, WA
14
Votes |
24
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Buying & Selling Real Estate

Partner buying the other out

Dustin Thoms
  • Investor
  • Sumner, WA
Posted

Hi, my roommate and myself bought a piece of property and have been living on the property for the past three years.  He has recently been approved for some amount of a loan to buy me out which I will be willing to as long as I get my rightful portion of equity.  Do you think I should still get a RE attorney at least to protect myself for any reason?

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Bob Woelfel's profile image
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Bob Woelfel
  • Investor/Agent
  • from Kansas City, MO
  • Member since Aug 15, 2017
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Bob Woelfel's profile image
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Bob Woelfel
  • Investor/Agent
  • from Kansas City, MO
  • Member since Aug 15, 2017
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Bob Woelfel
  • Investor/Agent
  • Kansas City, MO
308
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291
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Bob Woelfel
  • Investor/Agent
  • Kansas City, MO
Replied

Hey @Dustin Thoms....what type of agreement do you guys have?  I just bought a partner out in 2018 and I'd be happy to discuss how we did it.  We just followed our operating agreement and were able to come to an agreement on price so no attorneys needed.

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