All Forum Posts by: Christopher Sharp

Hello BP, I have a question regarding inherited properties. I have a seller wanting to sell a house that his sister and him own. They inherited the property from their father a couple years ago. The sister is into some bad stuff and the seller ( brother ) can’t get her to sign anything over. Is there anyway for me to be able to purchase the property if one heir is only willing to sell it?

@Patricia Steiner

Thank you for your response. I agree with you that we both should be equally unhappy about the $50,000 and since its a 50/50 partnership work together to pay it off. 

@Jennifer T.

Yes, I put in $180,000 into the building which completed the 2 apartments. He owed $115,000 on the building "AS-IS" before the apartments and valued the building it at $180,000. We then combined my $130,000 and his $115,000. That left me with the $50,000 private loan I've been paying out of pocket. I feel that we both are responsible for the $50,000 if this is a 50/50 partnership.

@Gelbu Sherpa

So the remaining $50,000 should be split 50/50? Yes, I agree, going into business with a family member can be a nightmare.

Hello Bigger-Pockets, I'm in some need of advice. I recently partnered with my father-n-law on a project. He owns a building with a store front and office on the bottom level. Above that there was structure that needed to be fully gutted in order to remodel and build two apartments. His loan at the time was $115,000 and he estimated it was worth $180,000 at the time. The apartment remodel cost was $180,000. I got a loan through the bank at $130,000 and a private loan for $50,000. After the year was up on the construction loan we tried to refinance both the construction loan and my father n laws loan, but the bank would only loan us $295,000. That leaves me with the $50,000 private loan. My father-n-law is saying that the $50,000 that I put into the building is my investment into the building and I need to pay that from my personal account. The partnership is suppose to be 50/50 however that doesn't seem like 50/50 to me. We would like to have the opinion of a third party. Thanks in advance!

Hey Guys! I have a question regarding taxes. I am currently house hacking my investment property. Do I count what I pay as revenue coming in since I live in the unit? For example, If my expenses come to $1500 and I have to $500 to cover the payment is that considered revenue like the other tenants payments? 

Hey Guys, so I was in the process of adding two more apartments on top of my exciting building which is located in a small town called Dayton,TN. It has a store front, office, and two apartments currently. Apparently, a new state law requires for commercial buildings to install a commercial grade sprinkler system which can cost a lot of money. All that being said the new construction of our apartments got canceled. Has anyone heard of something like this or ran into the same issue?

@Travis Henry Tennessee seems to be a great market. I live in Dayton,TN and people around this area are buying properties left and right. Duplexes are normally on the market a day before sold. I would suggest looking between Chattanooga and Lenoir City TN for deals!