[Fredslist] TIC financing - Yes, but would it sell?

[Andrew Weltchek]

Thank you to all the folks you responded telling me that TIC financing is available. As I understand it, a buyer could purchase the interest of one of the tenants-in-common and enter into a note in his name only but with a mortgage on the entire property. This would get the departing tenant-in-common his money and give the other original tenant-in-common a new co-owner who would be responsible for the new mortgage encumbering the entire property.

OK all you realtors out there - how hard would it be to sell "half a house" this way? Would we be better off converting the property into a two-unit condominium?


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