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Old 04-16-2015, 12:23 PM   #21
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Originally Posted by Meadbh View Post
I wouldn't touch this with a ten foot pole.


Swing hard, look up
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Old 04-16-2015, 12:23 PM   #22
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Train Wreck waiting to happen. I've seen numerous families torn apart over jointly owned real estate, and I mean really torn apart. Sooner or later the ownership must be perpetuated, often in between generations involving children and new spouses. Disaster, every one I've seen.

Buy it all or don't buy anything.

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Old 04-16-2015, 12:31 PM   #23
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Originally Posted by RetireAge50 View Post
Oh my goodness do not do it. I purchased property with two of my sisters who then both divorced. Now there is no way to sell unless everyone agrees which will likely never happen.
Do you have an LLC with an operating agreement that stipulates unanimous agreement to liquidate?

My research indicates that if there is a tenancy-in-common situation, it is very easy for any partial owner to force the asset sale. The laws in the US are pretty clear that one can't be forced to own real property. Any dispute and the judge will quickly order a forced sale.
"Time wounds all heels...." - Groucho Marx
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Old 04-16-2015, 12:34 PM   #24
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Originally Posted by retirementguy1 View Post
Well, it looks unanimous. I won't do it. Thanks for all the input. I will maybe travel there later this year and see if I can do it by myself. A big thank you for all the advice and input.
any time there is over a 90% agreement about something from forum members here, a prudent person thinks long and hard about disregarding what people are saying.
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Old 04-16-2015, 01:17 PM   #25
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In our case it was raw land which we were able to convert to 8 lots plus 10 acres of open space (to be developed later). We sold the lots for cash and each of us took notes for the open space (to the same buyer).

The buyer has defaulted on the notes so now we could foreclose on the open space at any time. The same land is the collateral for all three notes. I guess I could sell my note to a 3rd party or foreclose and sell the land but it is not easy because of all the parties involved. I suppose a judge could force something to happen.

I would never enter a partnership again.
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Old 04-16-2015, 01:36 PM   #26
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We've been in a 50/50 rental property LLC with DW's brother & s-in-law since 2006. Fact that it's family hasn't been an issue at all. Doing great.
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Old 04-16-2015, 01:56 PM   #27
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Originally Posted by Meadbh View Post
I wouldn't touch this with a ten foot pole. Not only would you have the hassles of foreign ownership of a vacation property, but there exists a significant possibility of conflict arising from shared ownership.

if you want to go there rent and if you still want to buy partner with a bank.

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