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Brandy Carrero
  • Philadelphia, PA
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Real estate partnership advice

Brandy Carrero
  • Philadelphia, PA
Posted Jan 9 2020, 05:43

Hi All,

My partner and I recently purchased a home, acquisition was 130k after closing. He put about 90k into the home in renovations. It gets a little tricky because my partner is also my boyfriend. He was expecting to get his 90k back after refi. He did not, and only received 46k from "our" refi on "our" home. He believes I still owe him 45k to receive the 90k he put into the house to make it "equal". Technically, if we used a HML for acquisition and I give him the 90k back in renovations - how is that equal? He basically didn't put any money in the house if I pay him all that back. But he believes that if we would've paid 220k for the house after renovations - which is the 130k + 90k then we would square out. But at that point, I'd be paying a higher mortgage instead of him taking my proceeds from our business.

What should I do?

Whom should I talk to?

We can’t seem to get on the same page so I’ll need professional/expert advice

Thanks!

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