My wife and her sister are inheriting their dad's home. There is no mortgage. My wife's sister wants to be bought out of the home. We'd like to do that and turn the home into a rental. My wife is due to receive about 80% of the equity and her sister 20%. Other than cash, what is the next best way to buy my wife's sister out of the property? Appreciate any help!
How much are you talking about, ballpark?
Do you already have a line of credit or a credit card with low cash advance fees? Mobil Oil credit union has a credit card that you can get that allows credit transfers for a 1% fee that will lock in a 5.9% interest rate. If you already have a line of credit, pay your SiL and transfer it over.
I like Mobil Oil because I can have that credit sitting there ready to go. They also do personal loans with good terms I believe. If you need a contact let me know.
Thanks Bruce, rough appraisal is 180K, so we are looking at about a 30K buy out. I have access to credit from credit cards but not sure I have the terms you described.
Could We get a HELOC from just our share of the equity to pay her off?