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Updated almost 4 years ago,

Zachary Ulven's profile image
Zachary Ulven's profile image
Zachary Ulven
  • Real Estate Agent
  • from Newark, IL
  • Member since Oct 24, 2017
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User Stats

11
Posts
4
Votes
Zachary Ulven's profile image
Zachary Ulven's profile image
Zachary Ulven
  • Real Estate Agent
  • from Newark, IL
  • Member since Oct 24, 2017
Connect
Zachary Ulven
  • Real Estate Agent
  • Newark, IL
4
Votes |
11
Posts
Buying & Selling Real Estate

Refinancing a gifted home to rent out

Zachary Ulven
  • Real Estate Agent
  • Newark, IL
Posted

My father was looking to sell his old house (Aurora IL) and be done with it. My suggestion was to gift it to me and let me refinance to pay him (keeping loss for closing costs down). What are your thoughts? Are there any problems with this plan I have not thought of? I know the house will appraise for 180k and I am looking to pay him 150k. Additionally comparable rentals in that area are 1600-1800/month.

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