own two properties free and clear.
comps at 145,000 (primary residence 10yrs)
comps at 190,000 (bought it for my son, as his primary residence)
FICO at A+
but retired so on fixed income.
buy another property to be my primary residence,(comps at 190,00) and move out of my current one.
attempt to do this with no money out of my pocket,
and manipulate equity so i wont have additional cashflow expenditures per month.
my son needs to tap into the the equity of his home.
this property is titled in both our names. He also needs a tax shelter.
he’s planning on tapping 160,000 and giving me 100,000.
my current home needs 10,000 in repairs and improvements.
willing to rehab and either sell or rent.
Rentals are about 900 per month.
how can I get the home i want, without having to pay a mortgage again?
I thought about a cash out refinace to buy the new house and pay for it in cash, but i cant use the loan amount as a tax deduction?
How can i or my son tap into the equity and make it tax decuctible?
i need schoolling!