What are my best finance options?

[Allen Wilson Jr]

My dad just transferred me a property via quit claim deed, with the intention of me paying him 30K at some point. The property is already rented out for $550 a month. It doesn't have insurance, but I quoted it at about $650 a year and taxes are about $900. What would be the best way to finance this property to give my dad his money. i have zero experience with any of this, so any and all advice would be much appreciated.

[David Dachtera]

@Allen Wilson Jr,

If the property is free-and-clear, you should be able to refinance it to 80% of ifs FMV, or what ever the lenders will offer.

When/If you can, see about turning that quit claim into a warranty deed. Quit claims are often considered a "weak link in the chain of title".

Quit claim says, "If I have any interest in this property, I give it to (grantee)." It does not indicate whether the grantor actually has any interest to convey.

A Warranty Deed says, "I have an interest in this property and I grant all of it to (grantee)."

David J Dachtera

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