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Updated over 9 years ago on . Most recent reply

User Stats

295
Posts
34
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Burt L.
  • Real Estate Investor
  • Steamboat, CO
34
Votes |
295
Posts

Judge Awarded X-Girlfriend Part of the House - He wants Out Of It

Burt L.
  • Real Estate Investor
  • Steamboat, CO
Posted

Heard from an owner whose former girlfriend got a judgement against him in 1980 for a house he bought as a single person in 1975. The former was awarded 20% of the house. A few years ago that 20% ownership was quit-claimed to a son who has controlled the entire house and has refused to forward the 80% of the rent for the last seven or so years. The majority owner wants to sell the 80%.

Not so sure I can find a buyer to buy the 80% or how it would likely play through in court. The majority owner likely has a claim against the son for monies not forwarded but I suspect that right would not transfer to a new owner, unless specifically included. That part could be a good source of leverage to force the current minority owner to release control of the house. The house is currently rented with a management company, and I don't know if they have any culpability for not forwarding rents or if that management agreement is valid without the majority owner - or if they even know about the majority owner.

The majority owner wants to get rid of this, after 35 years of strife- would you run towards or away from this deal, and how to proceed as a wholesaler? The majority owner lives out of the country.

Most Popular Reply

User Stats

388
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562
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Michael Gansberg
  • Investor
  • New York City, NY
562
Votes |
388
Posts
Michael Gansberg
  • Investor
  • New York City, NY
Replied

Hi Burt,

Instead of getting involved in this deal, I'd like to suggest a few easier ways to make money.

Easier way #1. Become a contortionist, then travel the world selling your services at carnivals. 

Easier way #2. Learn Swahili, then try to be paid for teaching Swahili to first graders in an Alaskan high school while commuting from your home in Colorado. (yes, sharp readers- high schools do not include first grade.)

Easier way #3. Become a typewriter repairman, but insist that your clientele charter private jets for your traveling pleasure.

Easier way #4. Do any other real estate deal besides the one you listed above.

Run away! Run away!!!

Michael

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