Is it possible to BRRR this Deal?
Hello BP Members,
Currently my mom and my aunt own a 4 family home that they had inherited from a family member. The property is paid off (mortgage free) and all of the units are rented. My aunt is looking to sell her portion of the property as she is getting up there in age. My mom would like to keep the property as it currently pays all of its bills and all of her property taxes on her single family home.
I was asked if I was interested in purchasing her half and then have opportunity to own all of it in the near future. The property is very well maintained and rents quite fast.
I do not want to purchase into the property using a conventional loan putting 20%-30% down.
My thinking was to have my name placed on the title of the home as an owner and letting my aunt keep the cash flow from the rents for a year. Then when the year is up refinance with a lower interest rate loan. Essentially this is like receiving a private loan from my aunt and then after it seasons refinance at a lower rate. Is this even possible?
If not what other options do I have? How may I obtain this property with 0 or low money down?
House hacking is not an option for me as a do own a SFH with my wife.
Thank You for your help