Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 9 years ago,

User Stats

21
Posts
4
Votes
Chris McKinley
  • Investor
  • Spring Lake , NC
4
Votes |
21
Posts

Brother is moving out of state!! Looking for creative ideas!!

Chris McKinley
  • Investor
  • Spring Lake , NC
Posted
I first wanted to say Hi bigger pockets because this is my first post. My question is about a situation my brother and I currently find ourselves in. I rent a room from my brother in his current house. My brother will be moving to a new duty station in June (we are both military) and is unsure about what to do with his house, rent or sell. The current loan on the house is a zero down VA loan. I only own one other property so I am relatively new to real estate but I was talking to him about his options. Since him selling or renting his house will essentially leave me with no place to stay I would like to somehow creatively structure a deal between the two of us so we both benefit. These are the options I thought of so far. Option 1 - doing a "subject to" and taking over the loan from him. I can still live there and have other tenants move in. My question is what happens to his equity in the house if I take over the deed?? Option 2 - We add my name to the deed and split the mortgage. This seems to decrease liability for both of us in terms of payments. My question on this option would be if it's a smart idea at all?? Option 3 - We go our separate ways and he rents the house. Since he is moving out of state he will need to get a property manager which drastically cuts his monthly cash flow. Option 4 - he simply sells and takes the equity he has in the house and the real estate world keeps spinning. Option 5 - any other creative ideas you beautiful people on bigger pockets have to give me. Cheers!! -Chris

Loading replies...