My brother owns 2/3rds of an apartment building worth approximately $1.2 million and I currently one 1/3rd of it. It has a $750,000 loan against it that my other brother took out and didn't pay back. My brother wants me to buy the equity of his 2/3rds part in the deed since he wants out and needs the cash. That would entail me taking a 2nd loan out against the value of the apartment building. It doesn't sound like a good idea nor a good investment to me. I'm not sure if it's the smartest thing to do to protect my assets. Any advice would be appreciated. Thanks.
What are your options? Buy off your brother (can you get it for a fairer price? Can anyone else you know buy 1/3 or his full 2/3? Can you do a strata subdvision and sell off the units that he owns ie 2/3? Does he want out totally or can you look at less than a full exit from the property?
Is the bank chasing your brother for the outstanding loan? Is this a threat to take the building off you and your brother?
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