Hey guys!thanks for the suggestions!
Sorry it's taken me a few days to reply,I've been super busy obtaining my first buy and hold and starting renovation on it :)
Cody thanks for the info!matt did consider buying me out at the start as he wanted the house for him and his family.he eventually decided against for a few reasons.since I was leaning towards keeping the house as a rental,it wouldn't have really been fair to buy me out and keep it.then turn around and sell it in a few years for a Big profit,it would just create bad blood between us.we decided it would be best to keep it strictly business and both profit together.Also,another a big reason was that matts wife is sick of renovating the place and spending money on it,so she now hates the house and said she can't stand being in it now,and wouldn't want to live there....so I'm pretty sure that was a big reason as to why "they" don't want it :D
It is in a nice area and there are much nicer houses on the street than ours that are worth a lot more than ours...so I think if we we're going to sell,it would be worth doing it pretty nice.
Thank you Manolo for the idea!i probably would be looking into getting a loan to finish the place off nice,because I think it would be worth it and give us a higher profit.
However we both reviewed our options we thought the best thing to do would be take marks suggestion and try get a mortgage out on the house so we can get our money back out but get to keep the house as a rental,and might come back to it in a few years,do the place really nice and then sell it.sobwe have been into the bank to ask about it and got some info,and are excited to get the place done and appraised now!Thanks for the idea mark!it was right in front of us the whole time and we just never thought of it!
Thanks again all!it was great to hear some outside ideas from more experienced people!it was really what we needed :)
Thanks again!
-Karl and Matt
