New investor

Hi SusanJ,

Thanks for your post and welcome to the forum.

Note: I have assumed that the property came with clear title (i.e. no existing debt), and that you want to keep it rather than sell it.

The easiest way forward is to seek out a mortgage broker to help you arrange a loan for $60k. As this is only 50% of the current value, you shouldn’t have too much difficulty in sourcing funds (subject to what you earn as an income).

As MH says below… what happens next is your solicitor arranges for the title to revert to your name (rather than joint names) on an agreed date when your loan funds become available.

If it was suitable, what I would also say to your sister is not to offer 50% of the $120k, but 50% of a slightly less amount to reflect that if you had of sold it then, because of sale costs, the actual monies received would have been less than 50% of the gross $120k.

Such an adjustment / negotiation seems only fair as you shouldn’t be penalised for deciding to stay in the investment.

Now – are you keeping this property as an investment? If so, what are you hoping to get out of it in terms of income and cap growth?

Regards,

Steve McKnight

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Remember that success comes from doing things differently.
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