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Updated almost 12 years ago,
This was easy
Helped someone else out, but this one is paying off. Relative did not want to make mortgage payments on current home and new home purchase. I suggested that he rent the current home to cover the mortgage, but he didn't want the hazzle. All he wanted was to be free of the payment. I took over the payments and the property is deeded to me now. I have a signed lease for a tenant moving in 1 April whose rent payment will more than cover the mortgage. My plans are to refinance the property to get a lower payment and better cash flow. Is the refi a good idea?
I'm really starting to like this real estate investing:)