My wife and I have been 1/3 owners of a Condo in Palm Springs,Ca since 2004. The other 2/3 partners are aging and would like to sell their shares. I have buyers for each of the other 2/3rd's. The mortgage balance is 53K @ around 6%. Not sure what the time remaining is but I think over 10 years.The property would sell for 150K leaving 140K +/- after closing fees. Net profit after closing would be around 29K per current 1/3 owner. My up front investment was 20K in 2004.
I am trying to understand the best way to bring in the new partners. For me, with the current note sitting at 53K, starting a new loan with the new partners for 150K isn't sitting just right. Is a new note only way to do a "re-set" as I bring in new "equal" partners (who have limited funds). What other options should I look at?
Although I have the money to pay the 53K note off myself, I'm not sure I want to put that much (53K)additional money into the condo right now. I'd say that's probably not a realistic option. Unless there is a compelling reason to do so.
What is the best way (fairest) to bring in the new partners?