Friday, May 31, 2013

Credit Partner Wanted!

I am looking for an equity partner on a Vashon waterfront cottage, walking distance from the Vashon ferry, in King County. Here is the way a credit partner works:
 --You will pay no out-of-pocket expenses; I will cover all closing costs, monthly payments, taxes, insurance and repairs.
--We will both be listed on title, and as additional insured on insurance policy.
--You will receive 100% of the depreciation on the property.
--We will split 50% of the net proceeds upon sale of the property (do we want to set a cash-out time in the future? 10 years? if there is no sale, we can figure buy-out at current tax-assessed value).
--We will both have access to the property, subject to any existing leases. (I anticipate keeping the guest suite available for owenrs' use, until the property has been re-sold).
--I will handle all marketing, rental and sales transactions at no cost to you

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