Getting ready to make a deal
Ok BP friends My aunt was upside down on her home so she walked away from it. The bank reduce her mortgage but she doesn't want anything to do with the property. The property is sitting there empty. Me and my cousin were talking about it and thought about me taking a HELOC and updating the kitchen and 1 of the bathrooms covering up the swimming pool renting out 1 of the units and renting the basement to his younger brother. We would pay the mortgage the bank is asking for and split the rest 50/50.
I will be traveling down south to where she moved to this week and we will talk I want to go with the right knowledge and be able to help if I can..How can I approach this...I will be updating info as I get more
From my basic knowledge
The house is worth 270k
she owes 320k
3br apt goes for $2200
mortgage right now $1700