Hello all,
I have been away from this forum for so long that I had to create another username. I was trying to get into investing 6 years ago or so and never made anything happen. A lot has changed with my situation and the market. Anyways I have a scenario/question.
I know someone who has a house that they lived in and then moved out and let their kid live there. He paid the mortgage and took care of the place while the father worked over the road. The son now has a family and needed a bigger place so he purchased his own house. The dad decided to rent it out. Two months into it he already has a dead beat tenant (10 days past due rent). Now he is already fed up with landlording. A few months ago I showed a little interest in the property for a rental. It is a 2bed 1 bath on a large lot. He said payoff is under 50,000 and would be willing to give it to me for what he owes because it is holding him up from buying a new home
Finally my question is: What is the possibility of working out a deal where he could quit claim me to the deed and refinance? Is this still possible? He has a FHA loan and it is un-assumable. I know a years ago it was possible but I was not sure if lenders will allow that. Any advice would be appreciated.
REGONZ1 :anon