How To??

3 Replies

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.

V/r,

Jeremy

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. 

Good luck

Curt Davis, Real Estate Agent in TN (#00321765)

Jeremy, 

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. 

Good luck!  

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.