I apologize for the poor explanation in the title! Here is what is going on: I have ≈ 100k in student loans and my wife inherited enough to buy our own house (≈145k) plus a rental (≈145k), both in cash. She cannot work and my income plus the rental income is not enough for us to be approved to take out the 40k equity from the rental. Any advice would be warmly welcomed, but the options we thought of are as follows:
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Sell the rental - Gets the money, but our market is skyrocketing (we bought the rental for 105k 15 months ago). Because of this, we would prefer to hold onto the rental if possible.
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(I am not sure this exists, but...) is there a way for another investor to come in and buy ≈ 35%-40% of the rental? This would allow us to keep the rental and still get some money out of it. I am sure it is technically possible, but is it done? If so, how to best go about dodging high commissions, taxes, etc.
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This is a very smart group, and I am sure that an idea that seems obvious to someone has not occurred to us. Please, please, please feel free to spitball any ideas you might have.
Lastly, if anyone has any insight about any other aspects (e.g. taxes, which I know nothing about) or ideas about other variables I should consider, your insight would be greatly appreciated.
Thanks so much all, and we wish you the best!
Submitted September 21, 2017 at 02:55PM by ethan101097 http://ift.tt/2ytv8yw
