Buying house from Family
Hi Everyone,
I live in Ontario, Canada and my mother owns 50% equity the house we are currently living in (valued at ~$800k a couple years ago), and the other 50% is owned by extended family members. My mother is the own who holds the title to the house. My mother wants us own the house. The extended family are open to being paid out for their share.
My brother and I are first time buyers, and are discussing to buy the extended families equity in the house. We are unsure of how to do this or if it's possible. Are we able to go to a bank to get mortgage to pay off ~$400K towards the extended family? Would it be possible to use the BRRRR strategy in this case?
Help's much appreciated