Friends and I got kicked out of our place so the owner of the house could start an Airbnb. We decided to buy our own place. Found a mansion in a not great part of town, negotiated the price of sale down to 70k. The mortgage is in my name, but we each put down 10k for a total of 30k. The deed is managed by the LLC that we created. As of now there is 35k left on the mortgage.
Things went south with one of the relationships and I need to sell my share of the house/LLC, which really just means getting back my 10k in down payment + 1k paid over the last year on my 1/3rd of the mortgage + misc. We are all trying to figure out the best way for me to get my 10k down payment back in a lump sum. All I can come up with is that I sell the house to them at 80k, and I take the 10k profit as quid pro quo for my down payment amount. This of course screws them since there is only 35k left on the current mortgage.
Trying to make this as equitable for all involved any thoughts?
TL;DR Friends owe me 10k, trying to figure out the best way to make that happen. They are legally bound by LLC to pay me back.
Submitted August 23, 2017 at 12:19AM by Soku39 http://ift.tt/2xbmmnR
