Hi all,
Sister has been in house for one year. Likely moving in with boyfriend. She is open to somehow allowing me to take over. I would want to take over and rent it out. How can this be done? The only equity would be the improvements that were made to the house, and there have been some. Is there a way to take over without going through the bank?
I am feeling pessimistic.
Hi,
Unfortunately you can not actually buy (New Purchase Loan) the property from your sister if you both have the same last name as mortgage lenders do not consider it a arms length transaction!
If your sister is willing to leave the existing mortgage in her name, you can do a written and notorized agreement between the two of you that allows you to take over the property, manage it and recieve all equity at some point in the future!
GR
It doesn’t sound like there is enough equity in the deal for it to be worthy. You want tremendous cash flow and tremendous equity or the decision you need to make is to pass. This is the honest truth, their are a ton of deals out there right now so cherry pick only the best ones. I hope this helps.