I am a new to the real estate game and would like to build some momentum, but need a little guidance! My goal for 2018 is to secure 5 rental properties with at least 150$ cash flow. I’ve purchased my first property that I plan on house hacking (rent out basement, and a room) and living in to start.
The next property I am eyeing is a triplex that a immediate member of my family is looking to sell as they are getting up in age.
The property is located in Florida and is fully paid off. Since this is my Granny, what would be the best way to transfer the property over to me and get my granny paid with minimal upfront cost and tax implications?
Was thinking that adding me to the deed then refinancing would be the easiest win win. But reading up and researching seems that there are multiple ways to skin this cat...
Are there any other methods that make sense in this situation? I appreciate any help/guidance.
Great ques sorry I do not have an answer but you are wise to seek in advance. My reason for responding is I also want a multi unit rental in Jupiter. Waterfront? LMK if available.
Welcome aboard @Mike Christian
Hey mike just came across this thread. I live in Jupiter. Did you end up working out the deal on your grandmothers place?