Custom Plans for Co-Owners

Owning a property with others can be tricky. When co-owners are ready to go their separate ways, Flexible can work with each person individually to structure the outcome they want.

Owning a property with others can be tricky. When co-owners are ready to go their separate ways, Flexible can work with each person individually to structure the outcome they want. 

Flexible empowers property owners to unlock better outcomes than they thought were possible. One way we do that is by letting owners choose their Offer Type. This article covers the Custom Plans for Co-Owners Offer Type, an option that allows owners with different goals to get what they want. 

Not sure if a Custom Plan for Co-Owners is right for you or your client? Use our Offer Type Finder to see other options.

What Is a Custom Plan for Co-Owners?

Shared property ownership often ends with the co-owners wanting different outcomes. Some owners may want to sell their interest and use the cash for something else. Others may want to keep the property because they want the cash flow, or they think there will be more upside if it’s upgraded or redeveloped. 

Every property ownership entity with multiple owners is constantly revisiting the world of possible options and what should be done. Lengthy discussions and sometimes heated debates ensue about how the group’s choices differ, what’s best for the group, and how decisions hurt or help each co-owner. 

These situations happen all the time and apply to everyone, from siblings who inherit property to partners whose goals have changed since the original partnership was formed, and everything in between. 

Flexible understands the complexities and challenges of multiple-owner arrangements. With our Custom Plan for Co-Owners, we make it easy for each partner to feel heard and get what they want.

How It Works

Flexible eliminates the months (or even years) of communication and frustration and gets co-owners aligned on one transaction—where every owner gets what they want. Here's how it works:

  1. Contact us to let us know that you—or you and your co-owners—want to make a change. 

  2. With your guidance, we work with you (or you and your co-owners) to explore options and determine the best path to achieve each owner’s goal. 

  3. We provide one or more plans for you and your co-owners to consider. In many cases, our offers include customized outcomes for each co-owner. 

  4. Once the co-owners agree (or if the parties who agree have the authority to decide on behalf of the group), Flexible prepares an agreement and handles as much of the legwork as possible to get to a successful closing. 

Benefits

All Flexible Offer Types are designed to give you options. Here are some of the benefits of our Custom Plan for Co-Owners:

  • Individualized approach. Even if all co-owners get along, it can be difficult to get everyone together to decide on the best strategy, much less make it happen. Our Custom Plan is not a one-size-fits-all solution. Instead, we take the time to understand each person's goals and the situation of the partnership, and then we recommend a plan that will make everyone happy.

  • Open communications. It's easy for co-owners to make incorrect assumptions about other owners, especially if members of the group are on less-than-friendly terms. This can lead to missed opportunities, which isn't good for anyone. We contact the other owners and make sure we have a firm grasp of the situation and what each party wants, so we can recommend an approach where everyone gets what they want.

  • Outside-the-box thinking. We don't shy away from complex situations and we're able to offer unconventional solutions—if that's what it takes to make everyone satisfied with the outcome.     

Terms to Discuss with Flexible

Owning a property with others can present challenges. Flexible handles all the communications and structures a plan, so you and your co-owners can skip the hassles. If you’re thinking about a change with a property you co-own, contact one of Flexible's Offer Guides to discuss:

  • Your situation and goals

  • Your recommended approach for us to communicate with other co-owners to understand their goals

  • Any questions you have about the Custom Plan for Co-Owners process

  • Your timeline

  • Any special requests you may have

FAQs 

What if certain co-owners are uncooperative?

Before taking any action, we recommend that you consult with an attorney to avoid putting you or your partners at risk. Regardless of the situation, we do our best to come up with offers that everyone can get excited about. 

What happens if some owners want to sell and others don’t?

Flexible can arrange to buy the interests of the co-owners who want to sell. We can then collaborate with the remaining owners to develop a plan that helps the new partnership achieve its near-term and long-term goals. 

What if I don't want to work with the other co-owners?

It's not uncommon for co-owners to be on less-than-cordial terms. We can ease some of the tension by working with each member individually to find a solution that works for everyone. Contact us to discuss the situation with one of our Offer Guides. 

This article is intended for informational purposes only and should not be construed as financial, legal, tax, insurance, or investment advice. Flexible encourages you to contact an Offer Guide to discuss your unique situation and consult qualified third-party financial, legal, tax, insurance, or investment professionals prior to making any related decisions.

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