My brother and I are on the deed of a duplex we inherited from our parents, and we both live in each unit. The property is owned free and clear and appraised at approximately $150,000 just this year. Several years ago I purchased a five unit apartment building and made every newbie mistake in the book and ended up taking a bath on the property. Because of this it has taken me years to get my credit back to a respectable level. I now work a full-time job and with the equity of the duplex I want to invest in real estate (the right way) again. The problem I am running into is my brother is old school (work for a company for 30 years retire with a pension) and is convinced I would only make the same mistake again. A HELOC would be my only current source for enough cash to get back into purchasing real estate properly.
My question is, how can I convince my brother to let me use at least some of the property equity without taking any type of a legal route.
