Looking to use a Trust to help aquire a property
Hey Guys, so Ive only posted a few times on here and everyone has been great with all types of info, hopefully this will be the home run for me. So after lots of dead ends I may have found a way out of this renting rat race. I have received permission from close family members to use a living trust to help leverage getting a mortgage. This trust includes 1 multi family home only generating about $3000 a month and a single family home thats just being occupied by one of the trustees. Both homes have NO mortgage on them and all property taxes up to date. The trust also includes an money market account with a far more in it then the house im looking into. So my question is, with all parties involved is it possible to leverage these assets to secure a mortgage for the new property? The new property is a 2 family that I would be occupying one unit in and the other to rent. I would really appreciate any feedback on what is required to make this happen. In total were talking about assets valued at over 2 million, however they would much rather I get a mortgage then for them to hold the note themselves. Oh and if this is all possible is it still possible to do a 203K? Id need an extra 60-70k to renovate.