All Forum Posts by: Paul Papamarkos

I am going to do the best I can to attend

Paul

I'm sorry for the reply and I thank you both for your helpful insight. Due to some health issues my family is having I am going to hold off until the new year to start negotiating a deal. In the mean time I am going to obtain a broker's opinion letter just so I have an idea of what I will be looking at regarding financing. 

Thank You Again I will keep you updated.

My goal is to own. My aunt would like t take her half and buy a home out of NJ as she has retired and widowed

Thank you both for your great insight!

Ok now can you tell me what my first course of actions is? Do we go out and have an appraisal done for the property? Lets say the price of the property is a total of $400k would it be best for my mother to take out a an equity loan on the property and pay my aunt her half of $200k?

Thank You David and Stephanie for your replies. My mother is in the process of digging up the deed and seeing how her and my aunt are listed.

David I will not be owning my Mother's half in a year as she would like to hold on to it for about another five years. There is no mortgage for the property and it cash flows well for her after expenses,

I dont think I will have a problem being placed on the deed and doing an interest only note and paying off the rest of the principal after a year when I can refinance.

Stephanie I believe there wouldn't be a problem with them putting me on the title for 6 months but would the cash out refinance with a conventional loan involve me putting down 20%?

 "The other owners would have to be on board with the refinance of course, as you won't be able to mortgage just your interest. Will the property still generate the same cash flow for your Mom if there is a mortgage to pay?"

^^^^^I'm very sorry I am just a bit confused with that last statement

Hi Ron

Thank You for the reply! I will find out that information and most likely consult with a real estate attorney

Bump...

I guess my question is will just bring on the title for 1 year yield me a better finance rate then a 20% conventional loan rate

Thanks for the reply David. So my aunt would like the lump sum as she will be taking the money to purchase a home in another state. So my plan was to be put on the title without paying anything and after 1 year of being on the title pay my aunt the lump sum at a lower rate. Is that possible?

Hello BP Members,

Currently my mom and my aunt own a 4 family home that they had inherited from a family member. The property is paid off (mortgage free) and all of the units are rented. My aunt is looking to sell her portion of the property as she is getting up there in age. My mom would like to keep the property as it currently pays all of its bills and all of her property taxes on her single family home.

I was asked if I was interested in purchasing her half and then have opportunity to own all of it in the near future. The property is very well maintained and rents quite fast.

I do not want to purchase into the property using a conventional loan putting 20%-30% down.

My thinking was to have my name placed on the title of the home as an owner and letting my aunt keep the cash flow from the rents for a year. Then when the year is up refinance with a lower interest rate loan. Essentially this is like receiving a private loan from my aunt and then after it seasons refinance at a lower rate. Is this even possible?

If not what other options do I have? How may I obtain this property with 0 or low money down?

House hacking is not an option for me as I do own a SFH with my wife.

Thank You in advance