ISO Someone to Buy Half

[Aimée Hennessy]

Hi! I need advice. I have a single family home renting furnished for a very high amount for the area. I have a year-round renter in the basement as well - it's not converted as a duplex officially, but has two exits and street level entry. There is also room to add on and make it a triplex, I need to get quotes for the cost. Anyway, my spouse and I have been separated for two years. Neither of us live there and I can't buy him out right now. I looked into DSCR and etc., the interest rates are too high and that seems a last resort.

I would like to find a partner to buy half the house/blue sky and run the rental business with me (spouse will be removed and sign off), either as an active or silent partner, I’m flexible on how involved someone wants to be. I love this house and don’t want to lose it, I would like to add houses in the long term and build a portfolio. We have a low interest rate compared to today, a bunch of equity in the house, would be a reasonable cost for the investment since I’d still own the other half . It is fully furnished with fenced yard and attached garage, but there is some work that could be done (isn’t there always!). It is a solid old craftsman with lots of charm and updates. 

How do I find or attract a partner for rental properties? I have a friend that is interested enough to entertain a call, but not sure if they will move forward. If not, how do I go about finding someone to partner with so I can keep this house in the long run? I get texts/postcards/calls offering me cash for the house a lot, but I don’t want to sell the whole thing outright, I want to retain my ownership and investment and build a property empire with someone who wants to invest - and I’m totally okay with full involvement or silent partnership. 

TLDR: How do I sell half a house & rental biz? 

[Nathan Gesner]

Quote from @Aimée Hennessy:

Asking strangers on the internet to partner with you is pretty risky. I recommend you join a local networking group and build relationships. Find someone you know, like, and trust.

It would also help if you had hard numbers. Telling people it makes a lot of money doesn't mean anything to a real investor. I want to know what it would cost, what it's worth, and what kind of return I can expect on my money. Hard numbers.

Also, be careful about posts like this in the forum. There's no "deal making" allowed except for in the classifieds, which is where you are more likely to find someone willing to invest.