Updated over 4 years ago on . Most recent reply
Purchasing Parent's Home
Hello everyone,
I am new to the BP family and love the way everyone interacts with one another. Hope someone can help me with this one. while talking with my parents they informed me they were thinking of selling their triplex. They have a mortgage of 325,000 and the units are worth 750,000. Is there a way where I can get the mortgage loan for the pay-off amount and create a separate contract with my parents for the rest of the money without getting taxed? Anxious to hear from you guys.