Updated almost 8 years ago on . Most recent reply
Help to save elderly parents home
Hello,
I am new to real estate investing. However, my elderly parents are in desperate need of saving their property. I know there's a way that I can help but need some help. Here's the issue: (1) the house needs repairs, plumbing, roof, electrical and major reconstruction. (2) my parents are on fixed income and would not qualify to refinance property. What is the best solution to upgrade the property without my parents having to sell before things become a safety issue? Can they deed it over to another family member and that family member can refinance the house to do the repairs? What are the legal risk in terms of someone else assuming the loan?