All Forum Posts by: Colin O'Neill

Hi Biggerpockets folk,

Quick backstory: Own a duplex with in-laws, all on the deed, bought as a primary residence in 1998 for both couples. Mother-in-law passes away, father-in-law remarries, dies 8 months later. No will, so property goes into probate. Stepmother-in-law (basically a total stranger) ends up owning 1/4 share of the property when all is said and done. We need to disentangle ourselves from this situation. We bought a larger house a few towns away almost three years ago; had to be creative as she would not (on full SS disability so basically can't afford to) sell, so we have a tenant renting our unit. Our strong desire is to sell, and start again with a property with no emotional baggage in a few years after paying off debt. We have considered condo-ing the house, but the lawyer that stepbrother-in-law spoke to said it wouldn't be a conventional mortgage to purchase her unit, so that was eliminated as an option. We know petition to partition is available, but we're viewing that as a last resort. Even though she is basically the fairy-tale wicked stepmother, we don't want to see her homeless. Thanks in advance for any insight.

Colin

Thanks all for the replies. @Charlie MacPherson we are in MA also. The one lawyer we spoke to painted a bleak picture with petition to partition. He and other sources I've researched make it sound like it ends in a courthouse steps auction and we can kiss any equity goodbye. Do you have any experience with petition to partition?

Thanks!

Colin

Hey Biggerpockets,

I'm hoping someone can give me guidance. Complicated situation, here goes...

My wife and I bought a duplex with my in-laws 21 years ago. MIL passed after battling cancer in 2005. FIL got remarried in 2009, died after only 8 months of marriage. No will. Bitter woman. After probate, she now owns 1/4, my wife and I own 3/4. She will not move. She claims poor-mouth and only pays half of the 1st mortgage every month. We had to move into a bigger place to accommodate my aging mother, so now dealing with a big mortgage on the new house, 1/2 of small mortgage plus interest-only HELOC. Her side of duplex needs new A/C condenser. Side we are renting out needs new furnace and WH any minute. No reserves, no wiggle room. House has around $170k in equity. Any thoughts on maybe seeking a private buyer? Is there any way of selling only our 3/4 share? Any thoughts would be appreciated.

Thanks!

Colin

Hi BiggerPockets!

Hypothetical question; asking for a friend.

What are the prospects of purchasing, say, a triplex using the equity from another duplex as collateral? 

Just curious.

Colin

@Kenneth LaVoie, @Marcia Maynard makes a great point about completing the task in a reasonable amount of time. Using a specialist can save you money in the long run, even though they may cost more. For exampIe, I work with cabinet installers that can install just about any kitchen in 2 days or less for $50-$75 an hour. So if it takes your contractor 5 days to install a kitchen, not only can you save a couple hundred dollars, you save the 3 days he didn't need install cabinets, plus he can be working elsewhere in the property while the cabinets are being installed, completing the unit faster and getting it back on the market quicker. This is just one example of using a specialist from my segment of the market. 

 @Marcia Maynard, brilliant reply! I just used the Henry Ford quote you paraphrased recently with my designers (I'm manager of a kitchen showroom).

Thanks Paul Haviland ! My city has a rental permit process that I would have to go through. But, as this is a college town, there are lots of people doing it , so it must be kosher.

Hey BP Nation, I have a duplex that is adjacent to University of Massachusetts-Lowell, and when I move out of my unit, I would like to consider renting to multiple students instead of a traditional tenant. Is this wise? What are the pros and cons? I'm not sure where to even begin looking for tenants . Any advice would be greatly appreciated. Cheers! Colin

Hey Jay J. , As a kitchen designer, I typically shy away from anything closer than 3 shades darker or lighter than the cabinets. Have you considered painting the cabinets? That would give you the contrast you need without breaking the bank. Good luck! Colin

Kyle Grimm - great topic! I love the diversity and the different walks of life that make up the word of REI. From store clerks to doctors, real estate investing is a great equalizer. I have been a kitchen and bath designer for almost 20 years. Being around remodeling for so long gave me the real estate bug. I'm in my accidental investment of a duplex, which hopefully will become my first door shortly. Want ultimately to do fix and flips to finance buy-and-hold purchases. Jay Leisten I'm a big fan of your work! Do you ever make it up to Rhode Island Comic Con?

Sketchup for sure for general floor plans. Seek out a local kitchen and bath designer for those rooms. The software we use, 2020, is very powerful, and the box stores and some other local cabinet retailers will do it for free. The 3D capabilities are amazing. Good luck in your quest! Cheers! Colin