Hi everyone,
Hoping I can get some help on here with my situation:
Bought my first IP in 2009 with my then partner as joint tenants. Property has been a dud. It would actually sell for about $30K less than the loan we have on it (property is in QLD). The other major factor is we borrowed 100% and used my parents as guarantor.
We have since split (4 years ago), everything remains amicable, but I really want to get my parents off so I'm willing to cut losses. But my ex is not. He is being very stubborn and does not want to sell at a loss. I can understand this but I'm just so over it, I want to invest my money elsewhere, and I just want to cut all ties. I've asked him to take it over but he is not willing to come up with a new deposit with the additional shortfall.
I don't want to take it over because of the same reason, pouring money into a dud investment and also because I want nothing to do with it anymore.
I do everything regarding maintenance, paying bills, liaising with property manager etc and he basically just pays his share of the shortfall into the account each month and that's it.
I'm fully aware I have got myself into this predicament and unfortunately dragged my parents along for the ride but at least they're being awesome about it and not on my back about selling it. I just feel bad because it will free them up some more in retirement.
I've since bought 4 good performing IP's in my own name so I've learnt from my mistakes. I just don't know what to do here. I know I need to seek legal advice but even then is there anything I can do because we are joint tenants?
Can i force a sale?
Or should I pour more money into it and buy him out? Because he is not willing to buy me out..
Thanks for any help in advance if anyone can !
Hoping I can get some help on here with my situation:
Bought my first IP in 2009 with my then partner as joint tenants. Property has been a dud. It would actually sell for about $30K less than the loan we have on it (property is in QLD). The other major factor is we borrowed 100% and used my parents as guarantor.
We have since split (4 years ago), everything remains amicable, but I really want to get my parents off so I'm willing to cut losses. But my ex is not. He is being very stubborn and does not want to sell at a loss. I can understand this but I'm just so over it, I want to invest my money elsewhere, and I just want to cut all ties. I've asked him to take it over but he is not willing to come up with a new deposit with the additional shortfall.
I don't want to take it over because of the same reason, pouring money into a dud investment and also because I want nothing to do with it anymore.
I do everything regarding maintenance, paying bills, liaising with property manager etc and he basically just pays his share of the shortfall into the account each month and that's it.
I'm fully aware I have got myself into this predicament and unfortunately dragged my parents along for the ride but at least they're being awesome about it and not on my back about selling it. I just feel bad because it will free them up some more in retirement.
I've since bought 4 good performing IP's in my own name so I've learnt from my mistakes. I just don't know what to do here. I know I need to seek legal advice but even then is there anything I can do because we are joint tenants?
Can i force a sale?
Or should I pour more money into it and buy him out? Because he is not willing to buy me out..
Thanks for any help in advance if anyone can !