Hello to all, I'm hoping to get some good answers/suggestions here. I have been reading alot on this forum and finally decided to upgrade my membersship as I hope to only leanr more and utilize the weath of knowledge here. Now this is my question...background I'm currently in the Army with about 5 years remaining. My mother owns some properties that she has had for awile and no longer wants them. She is willing to sell them to without wanting a profit as they are have a good amount of equity in them. I know it not the best source but I used zestimate to try to figure the value. You can see the breakdown below. Also I will be getting a lump sum of money in January est $21,000.00 and am wanting to utilize it to help in my purchase(s).
House 1 Owed 34k zestimate=65k
House 2 Owed 45k zestimate=85k
House 3 Owed 80k zestimate=99k
House 4 Owed 36k zestimate=61k
My question what is the best route to buy these properties?
Thanks for all your help in advance.
What I would do for house 1,2,4 would be to utilize hard money to buy cash then refi out making it so I dont have to come out of pocket with down payment money. On house 3 you will need to do 20% down financing should you want that one.
This is what I would do if I were you.
First off man, thank you for serving our country.
Now down to business.
I would take them all in a trust or subject to. I would not lay out any cash.
Unless your mom needs to clear up her credit's DTI, leave the money in her name.
If you need help with this, I would be happy to assist.
Thank-you for the feedback I think she just doesnt want the responsiability of them anymore. I would rather get them out of her name just so it does free her up some as far as DTI.
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