General Real Estate Investing
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 1 year ago,
Close Friend Selling House, But Can We Split The Remaining Mortgage
My close friend and his wife are going to be moving and naturally want to sell their primary residence. But they do not need the proceeds from the sale to cover the down payment on their next house. They have a sub 3 interest rate and the property could likely rent for $3,200 and current mortgage is only $2,200.
I'd like to "buy into" his mortgage to help bring him peace of mind in case it doesn't rent for some reason as this would be his first rental property. But we are not sure how I could buy into it and gain a partial ownership of the house in a fair manner. He's been paying on the house for four years, he paid the initial deposit, so on and so forth.