Posted by Kim on April 22, 1999 at 13:39:15:
Could someone please tell me if the following idea holds any merrit or not:
I want to have my parents quick deed there condo to me that they are presently living in . they bought it for 125k they have about 70k eqty. in it . They have a private mortg. of 50 k on the property at 10% . This mortg. is split between two older lady lender freinds . It was taken out in aug 89 and is due in aug of this year .
They are very happy living here and want to stay .
One parent is retired and lives with a respritory ailment
The other is working part time in a gallery. The total houshold income with s.s. is 25k per yr.
My goal #1 is to obtain from them the eqty to use in my R.E.I.
#2 lower there monthly payments
#3 Pay off there condo in short term financing.
Some of the questions that I have :
Is this possible to do and come out of closing with cash ?
Would it be possible to lower the payoff through the private partys this late in the term ?
I have a house with aprox 25k eqty . Would this help me in any of this?
I would love some feedback on how to go about this from some more seaoned investers.
Thank you so much for this forum !!!