My opinion without any regard to mortgage, estate market or legal issues:
You sounds like you really hate the situation your in. You want to improve it. You have identified what bugs you, but it involves other people, so now you involve them.
Your friend will not have any of it. He blocks your suggestions and the only acceptable option appears to be the status quo, which of course isn't acceptable to you. Your relationship has suffered to the degree that you are no longer close friends, certainly not close enough to be best man or share investments with.
The last post sounds like he either has his head deep deep in the sand because of the financial situation, or he is being downright manipulative. Either way, change in the near future is unlikely baring any major enlightening events for him.
If this was a marriage I'd say get a lawyer and get out. As it is, the lawyer needs to have a different speciality, but the advice stays the same. You seems to be begging a brick wall to move. Get some heavy machinery.
p.s. Honour when dealing with utter disregard is being a doormat IMO.
Need Advice on Housing Situation
*** NOT LEGAL ADVICE ***
Sorry, just have to CMA.
Robert is giving you good advice. Consult an attorney. Depending on how the title to the house is held, you can force a sale or buyout by bringing an action for partition. Since there is negative equity, the likely result will be a forced sale at a loss. You stated that you don't care about the money. Just walk away from this anxiety and move on with your life. Let your lawyer be the bad guy and force you friend to do the rational thing. It will be money well spent.
Sorry, just have to CMA.
Robert is giving you good advice. Consult an attorney. Depending on how the title to the house is held, you can force a sale or buyout by bringing an action for partition. Since there is negative equity, the likely result will be a forced sale at a loss. You stated that you don't care about the money. Just walk away from this anxiety and move on with your life. Let your lawyer be the bad guy and force you friend to do the rational thing. It will be money well spent.
Similar to Maus' advice, try like hell to list it. Maybe an agent (a non-biased third party) can talk some sense in to him. Throwing good money after bad isn't something I'd do unless you have a firm offer in hand that says "fix X or Y or we'll walk". Do you really want to get into land-lording with this guy? I'd explore every opportunity until finding a way to part.
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VicTimRetire
- Posts: 7
- Joined: Tue Jan 11, 2011 7:38 am
To answer your last question, here is a question: Can you rent the place out for a profit right now? If it can't rent at a profit as it is right now, putting additional money into the house is just throwing more money into a black hole. Of course I am of the opinion that the real estate market will be falling and/or floundering for many, many years, so I don't imagine an appreciating real estate market factoring into the picture....but maybe (hopefully!) my assumption is wrong.
If you can rent it at a profit, then my answer to any improvements would be: Don't do them until it is a rental property so they can be deducted as expenses against income. I could go on for hours about all the things that you should do (or not do) to a house that is going to be a rental, but I won't because I can clearly see you want to bail on this whole situation.
Tell your friend that if the long term scenario is going to work out so rosy, he should be thrilled that you just sign the house over to him and for him to refinance the house in his name only....so when that "long" time is finally here he can take 100% of those gains for himself. If he really believes the line he's feeding you, then that should be a suggestion he'd jump at.
I say go to the attorney for solid advice in your state, but try to avoid litigation....it is very expensive (I know, I work in real estate law) and you're already going to be walking away from a lot a money in this situation already. No need to come out of pocket any more than necessary.
If you can rent it at a profit, then my answer to any improvements would be: Don't do them until it is a rental property so they can be deducted as expenses against income. I could go on for hours about all the things that you should do (or not do) to a house that is going to be a rental, but I won't because I can clearly see you want to bail on this whole situation.
Tell your friend that if the long term scenario is going to work out so rosy, he should be thrilled that you just sign the house over to him and for him to refinance the house in his name only....so when that "long" time is finally here he can take 100% of those gains for himself. If he really believes the line he's feeding you, then that should be a suggestion he'd jump at.
I say go to the attorney for solid advice in your state, but try to avoid litigation....it is very expensive (I know, I work in real estate law) and you're already going to be walking away from a lot a money in this situation already. No need to come out of pocket any more than necessary.
Am I really the only one who sees that he is in love with you, Jeremy, and doesn't want you to leave? You are all acting as if this is a financial issue when clearly it is an emotional issue for the roomie. It may not be a 'romantic' love, but your roomie doesn't want you breaking-up with him. Trust me on this one. Move out and swallow the bitter financial pill that follows. And do it before he goes all Fatal Attraction on you and your girl. He is an emotional manipulator and there is no winning argument for you. Sorry.
@Citygirl
I was thinking the same thing as I read this thread- the roommate is has very strong feelings for his co-investor. Perhaps Jeremy can use this to his advantage and tell the roommate that while he values the friendship, and never wants it to end the living situation is forcing him to consider all options. No matter what - you have to get out- no one should be able to shackle you to a situation- not even your old lady - and certainly not your roommate.
How is it going? Any update?
Good luck
Cheers
I was thinking the same thing as I read this thread- the roommate is has very strong feelings for his co-investor. Perhaps Jeremy can use this to his advantage and tell the roommate that while he values the friendship, and never wants it to end the living situation is forcing him to consider all options. No matter what - you have to get out- no one should be able to shackle you to a situation- not even your old lady - and certainly not your roommate.
How is it going? Any update?
Good luck
Cheers