I have a question concerning Land with a Gas Staion and small office building (currently housing a used car lot) on it.

The property is in the hands of co-executors for my deceased grandmother. I am entitled to 1/6th of it. I have a cousin who will get 1/2 of it and my 2 brother's 1/6th of it each.

I am considering buying them out so that I own it all. It is currently leased producing $1850.00 per month in rental income. I do not know the insurance or maintenance cost.

The land and building appraised for $180K. I believe I can buy them out for 120K.

Using the 180K appraisal, my share is worth 30K.

I do not have any cash down.

My credit is low side of avg. or poor...Score around 525.

What are my chances of getting a loan to buy this property?
Where would I get this loan?
What would be the qualification requirements?
MQ

MQ:

What are my chances of getting a loan to buy this property?
One of the things that I always tell visitors is that personal credit is not that much of a factor, but when I say that statement I am referring to scores in the low 600s. Your credit is not on the low side of avg., it is bad. A lot of lenders will not consider you for a loan based solely on your personal credit. Another matter to consider is the fact that the property is improved with a gas station, a lot of lenders do not do gas stations because of environmental concerns. To make matters worse, you are coming into the deal with a little less than 17% non-cash equity, and unable to add more cash. In conclusion, the outlook is grim.

Where would I get this loan?
A local bank lender should be your initial contact. However, there is not enough equity in there. The cousin with the 50% ownership would have a better shot.

What would be the qualification requirements?
- Enough cash flow from the property to repay the debt
- Adequate credit score
- About 30% equity.

Remember that commercial lending is not standard, you might get lucky and find a lender that might be willing to go with a higher loan-to-value and that will not hold the credit history against you. Doubtful, but might happen.

OK, That's about what I expected. I wish i had not screwed up my credit.

Anyway, this brings me to my next question.

Can I sell my 1/6th?
to Who?
How would I find that buyer?

Basically, how can I get my money out of the property?

Loanuniverse is correct. Yes you can sell your 1/6th ownership. Your best bet would be the cousin who owns 1/2.

To get your $ out, you have a number of options:
1. Get everyone to agree to sell the property
2. Have one or more of them buy you out
3. Line up a buyer for your ownership interest. This might be tough but it can be done.

Good luck.