All Forum Posts by: Andrea Miller

Thank you to all who have commented. As I said in my post, I do not want to evict them. But they cannot pay market rent and will lose the house to the taxing entity in November. So unless someone steps in (such as myself,) they will lose the equity AND be homeless. My request for ideas stemmed from a desire to make a sound business decision but somehow allow them to continue residing in the house. The HELOC -then additional cash flow property is something I'd consider. I've been learning as much as I can about BRRR'ing, so the funds from a HELOC would allow me to explore that option with another property. I already own a few props that cash flow nicely, but I have no experience with BRRR'ing (yet.)

Seeking ideas about how I could make this work for me and help my family at the same time. I'll try to be succinct. Three cousins of mine live together in a house they inherited from their late mother (my aunt.) Market value is ~$150k. No mortgage, but they are almost three years behind on property taxes. They currently owe almost $13k in property taxes for 2016, 2017 & 2018.  A foreclosure hearing is scheduled for November, and they are freaking out. They will never have the money to pay the back taxes, nor will they be able to keep up with future property taxes. If they deed the house to me in exchange for my paying the back taxes and paying each year's taxes, how can I work this to my advantage?  On the surface, it appears to be an opportunity to get a $150k house for $13k. But, I don't want to make them leave the house. So how can I work something out that allows them to continue living in the house? It would rent for ~$1,500/month in the open market, but they cannot afford anything close to that rent amount. They are not druggies or anything like that, just single females with tiny incomes and no prospects. Might I get the house qualified for Section 8, get one or more of them qualified to receive Section 8 assistance, and that could supplement their inability to pay market rent? I'm trying to figure out a way for them to continue living in the house without the taxes & insurance eating up all my equity. Sorry if this is confusing.