Eager one deal in my pocket looking for next
Hello everyone so I am a new investor. I recently just bought a condo where I’m starting out with.Right now I’m house hacking and looking to buy and hold. Now that was six months ago and I’m antsy to go on to a new project. Which brings me to my question. My mother has a mortgage on half of a duplex where she only owes 60k on. The comps in the neighborhood are selling for 170-180k. Now my mother is soon going to be moving with my sister. I thought of the idea of buying the house from my mother because of the fact of how cheap it is and to get her mortgage and interest rate down being she got stuck with a balloon mortgage and I have better credit. So with my credit I’m sure I’d have lower interest rate. Also I dont wanna sell it with the house being lower mortgage payment aswell, rent in the area is almost 1500-1700 so with that I wanted my mom to be able to collect the income from it.My whole thing now is what would be the best thing to do. How should I buy it 1 and 2 my whole reason for buying it from my mother is to take out the equity with a line of credit to go buy a whole other property.