to sell or not

[Bob_VT]

Re: to sell or not

I thought if you leased it to her (your half) for 5 years you would have an income

 

[JB]

Re: to sell or not

I thought if you leased it to her (your half) for 5 years you would have an income

Now that is a great idea, cool one. Income while you go to school and (maybe) get her off your back until you are bigger than her.

 

[coolguy147]

Re: to sell or not

i've been praying.

 

[slag]

Re: to sell or not

Are you even sure your sister can afford it, or is it just a pipe dream of hers? Would she be able to pay you in one lump sum, or ask to make payments to you?

If you do decide to sell it, and it sounds to me like you should, make sure your half is a fair price and she needs to go through the bank to pay you one lump sum that you can then file away for school, rent, etc.

 

[drrpm]

Re: to sell or not

It sounds like the parents need to step up and provide some adult perspective and supervision. With your sister being an adult and you being a minor the playing field is not level and someone needs to level it.

 

[25thmustang]

Re: to sell or not

I'm going to assume your parents are also your sisters parents? I am going to also assume your sister is 24-25 years old? I question why your parents aren't stepping in to help out with the situation? I can see a grandparent leaving a house to his grand children, but when one is 16 years old, it needs to be assumed the parents will have some "say" in what happens to the house.

Your sister is not being unreasonable, and when you say it is unfair, she will get the house for free, because she has a steady job and is older and out of school... that just makes all the more reason she probably would be better off having the house. Your life is in for a major change at 16 years old.

I'm your sisters age and can say I am a much different person than I was at 16. I know the house holds value to you above and beyond money, but it sounds like you can't really keep up with or enjoy it now anyway, and with college approaching you will have even less time to keep up/enjoy it.

 

[coolguy147]

Re: to sell or not

she wants to pull out a mortgage.

 

[salty87]

Re: to sell or not

it takes money to run/take care of a house. if neither of you has an income, you'll just be digging a hole of debt.

what about renting it until either of you can afford it?

 

[jasoutside]

Re: to sell or not

Being a landlord isn't all that easy never mind being under age and going to school.




This one is tricky. See, money (and stuff) does interesting things to people. Even family. Be careful man.

 

[rivermouse]

Re: to sell or not

I have been in your shoes. As long as you own half you must be able to pay one half of the cost in full when they are due and your sister knows you cant right now and will use this as a reason "you have no option" but to let her buy you out, See a lawyer because this has legal strings that must be addressed now before you start owing your sister for her paying 'your half".My sister and I owned a house together and sat on it for 5 years before we found a buyer and paid 5k each just in taxes over the 5 year period, In my state a person under 18 can not do real estate deals. Your lawyer will clarify this sort of thing for you.

 

[62 ROYAL SCOTT]

Re: to sell or not

Hell-o coolguy147 rent it out that way you guys have some monies to pay for repairs , ins.and taxes and after that a income and you can write everything off on taxes , what part of fla? If the dock needs rebuild i have 20 yrs exp. Have tools will travel . I hope you work it out and god bless

 

[coolguy147]

Re: to sell or not

i guess time will tell.

i know she's waiting for the day when i'm 18 and as soon as i am she is going to call me up on my phone. change the locks. get my crap boat out of the driveway (i don't want it either but still) start telling me all these things and i owe this by this and this time.

 

[ngt]

Re: to sell or not

i guess time will tell.

i know she's waiting for the day when i'm 18 and as soon as i am she is going to call me up on my phone. change the locks. get my crap boat out of the driveway (i don't want it either but still) start telling me all these things and i owe this by this and this time.

If she acts like that, just rent out your bedroom there to someone while you're off at school and use that money to pay your part. Then she'll have a roommate, lol.

 

[DECK SWABBER 58]

Re: to sell or not

i guess time will tell.

i know she's waiting for the day when i'm 18 and as soon as i am she is going to call me up on my phone. change the locks. get my crap boat out of the driveway (i don't want it either but still) start telling me all these things and i owe this by this and this time.

If I understand all this correctly once you turn 18 you own as much of the house as she does. Changing the locks, kicking your stuff out, can't happen as long as you hold up your end of the deal.

 

[coolguy147]

Re: to sell or not

if i sold it when i become 18 lololol


can i rent out a room??

 

[jasoutside]

Re: to sell or not

can i rent out a room??

Nope, you are under age and can't enter into a legal contract (lease).

Besides that you are in "partnership" with sis so she would need to be in agreement to rent out the room.

Just the little info provided here your "partnership" doesn't sound very promising. It actually sounds like a rough go for your relationship with sis and tough living at the house. I'm thinking you may need to buy or need to sell. Bummer.

 

[Volphin]

Re: to sell or not

Quoting a dear friend of mine, Dave Ramsey, "The only ship that won't sail is a partnership." And it is true. Get the property appraised and weigh your options. Sis can be a B all she wants. Won't change things.

V

 

[ewenm]

Re: to sell or not

your sister only wants your share NOW, as she intends to renovate it with her boyfriend and sell it and keep the profits,

personally if it was me i would ask her if this is the case , and offer to share the cost and labour of the reno and THEN

be able to share in the profits yourself.

plenty of people buy run down properties in desirable locations and do a reno and sell for maximum returns ( gee that would make a
great idea for a tv series hehehe)

why not approach her with a business plan

EM

 

[bitterboater]

Re: to sell or not

Coolguy. The first thought I had when I started reading this, was that your sister was going to shaft you. Buy your half, and resell it immediately. For a profit.
Bob-VT has a very good idea, to lease it to her and her boyfriend, for a period of time.
However, being a Minor, she cannot buy it from you right now anyway, nor as co-owner after turning 18 can she kick you out, since you own 1/2 of the house.
You really, seriously need to sit down with your parents, and talk this out.

 

[Mike Robinson]

Re: to sell or not

Is the property subdividable?