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Updated about 6 years ago on . Most recent reply

User Stats

3
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Michael Rinaldi
  • Rental Property Investor
  • Latham, NY
0
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3
Posts

Buying out family member of paid off house

Michael Rinaldi
  • Rental Property Investor
  • Latham, NY
Posted

Hello all,

1st time posting. Learning as much as I can as quickly as possible to get started in REI, but I have a family scenario / question for all the experts out there. My mother inherited 1/4 of a paid off lake house in upstate NY when my grandfather passed away. Her other 3 siblings inherited the other 3/4. Her brother F also passed away, and my granfather wrote in his will that if brother F. dies his 25% goes to the other 3 evenly. So they now each own 1/3. My mother's primary residence is in NY, but the other 2 live across the country. Brother G wants to keep property, but can't keep up with taxes and has trouble affording travel to use property. Sister S now wants to sell. My mother want to keep the house, but still owes a large percentage on primary residence and refinanced a few years back. She is on a very fixed income after my father passed away and is does not have much cash. Looking for creative solutions to keep the house. Sister S already said she does not want monthly payments as they want to enjoy the $ while they still can. Sorry for the novel. Any suggestions would be appreciated.

Mike

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