Updated over 7 years ago on .
2 familes, one deal or no?
My mother in law wants to buy a new house, i own 2 SFRs and would love to possibly partner with my in-laws (we have good relationship lol) with their old house to rent it out, and split the profit. or somehow get this property from them and keep the profits to just me, but i'm looking for a win-win. they are interested in going in on the deal.
key issues: In-laws don't want to pay two mortgages. They owe 90,000 with 670 monthly payment. the house is worth 160,000 as a 3-2 with 2 car garage. property is in great condition. the house they want will require a 60k down payment and they may still qualify with another mortgage but i cant guarentee it.
I cant buy it from them because my DI ratio is maxed as i have 2 HELOCs on my rental properties along with 3 mortgages including my personal property. my wife is a stay at home mom and I own my own business, qualifying for a mortgage is insanely difficult with no W-2 income. I'm actually surprised i got 3 (thanks BP). I have 75,000 in equity that i can tap into at any time.
any good ideas to how to get this done? Thanks BP. Mike, S.