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Updated over 7 years ago,

Account Closed
  • Investor
  • Chicago, IL
0
Votes |
8
Posts

(House hacking) for rehab cost

Account Closed
  • Investor
  • Chicago, IL
Posted
I have a building with 6 units that I want to turn into 4 units. I have a quitclaim deed for the building but not the title yet. I have to pay 50k in liens first, then the building needs a total of 100k in rehab for a total of 150k. Its my first multifamily building so its impossible to get financing, but I want to sell the building to my mom for 150k and use the money to pay the liens and rehab it. She wants to live in the building and I know she will qualify for any mortgage. I just dont know if this is legal or if Im missing something.

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