Taking Over Dads Duplex due to debt. Advice please!

[Gilberto Grajeda]

Hello BP!

So I would like to get insight to see whats the best way I can approach this situation I found my self in

I made a loan with my dad and he is unable/ doesn't want to pay me back. He rather offer me his Duplex property he has in Dunnigan, CA which he doesn't want to manage anymore. He currently owns 171k on the mortgage and its on a variable interest rate. He is afraid of selling it to me though and paying heavily on taxes.

I think I may be on the title of the propert. I plan on going to a title company this coming week and figuring out myself. I don't know how else to figure out.

Anyways...

If I am on the title...

• What is the best way( simplest and most economical) I can take over the property? Can I remove my dad from the title?

If I am not...

• what is the most economical way to take ownership from my dad?

Also..

• Will I be able to issue a new mortgage to get the property on a fixed and use it to pay the existing variable one??

I want to do this the simplest way with minimal cost to the both of us. My plan is to keep this property for cashflow.

Any advice I would greatly appreciate it!

Thanks!!!

[Austin Hughes]

I don't have all the answers you need, but I would say to make sure the title work is properly done, either BY a title co. or following direct steps laid out by a reputable title co.... even some lawyers screw this up.

I've had to shop a property closing around to 10 different title companies before I was lucky enough to find one to close it for me...all this because the family members used a lawyer to transfer title between each other. 

Hope that helps.