Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 3 years ago,

User Stats

7
Posts
0
Votes
Michael Austin
Pro Member
  • Rental Property Investor
  • Richmond Virginia
0
Votes |
7
Posts

Any Advice? -Divorce decree requires 50/50 split of equity

Michael Austin
Pro Member
  • Rental Property Investor
  • Richmond Virginia
Posted

Hoping for some advice about what to do with the home now that the divorce is final.  

Background:  The home was purchased in 2015 for $206k.  I am only one on the deed, but as part of the divorce decree there is to be a 50/50 split of the home if sold, or each has an option to buy the other out.  Currently principle balance is $177K ,with a Zestimate of $331K that I feel is high.  IMO the realistic value is about $315K as is retail.  New roof 2019, new HVAC 2020, but it needs carpet and paint and some TLC in a few other areas.  

I'm finding it hard to look at this objectively. I don't want to sell the house, for sentimental reasons, and I don't know how i can afford to buy her out the way home prices are rising. She is basically renting the home back from me at breakeven, but that is well below area rents. I was thinking that a DSCR loan, based on the rents in that area, would be an option to buy her out. But since I technically already own the home in my personal name, I would have to do that in my LLC and I honestly don't know if that is an option legally. Lastly, my kids still live there with her. They are old enough to move if necessary, but I would prefer to avoid forcing them to do so prematurely. Lots to consider... afraid i'm too close to the situation to see things clearly

  • Michael Austin
  • Loading replies...