I love my grandma. I started selling investment properties in Houston and she wants to help me but she does not have any money. I want to be my own investor and it was her idea to leave me the house that she lives in that is paid off. It's worth Around 200K.
Okay... Could I do like a life estate and pull equity out? It would include a promise to sell the house and split the proceeds between all her grandchildren. I could even pay her for that option almost like a lease but witha change of ownership.
Do not explain a HELOC to me. I am not a nube. I sell investment real estate for a living.. I want some big boy knowledge from all the pros! Is this a bad idea? Risks that aren't obvious? Alternatives?
well I am not expert..
but I think U would want to have the property deeded to you so you could legally borrow against it.
then its pretty dead simple to give a life estate I would think someone with your knowledge would be able to google that an understand that.. so as to not worry about anyone on BP thinking you were a NUBE LOL.. i have done a few life estates in my time like I said about as simple a concept and execution as they come for anyone with a modicum of real estate knowledge and back ground.