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Updated about 4 years ago,

User Stats

92
Posts
21
Votes
Jack McWatters
  • Rental Property Investor
21
Votes |
92
Posts

Handed down house and what to do?

Jack McWatters
  • Rental Property Investor
Posted

Here’s a predicament. My grandma passed away recently, and left her house. Her house is in theory getting sold by my dad and his brother who has 50/50 in it. The house is in Phoenix Arizona and averages out at 220k and there’s about 100k left on the loan mortgage 900 a month. What I want to know is if there a way to refinance and cash pull money out of it since there is an appreciation value since she purchased it whenever she did. If this is a possibility would it be worth it to purchase my dads brothers half and convince my dad to do the refinance and then rent it out? 3 bed 2 bathroom. What would be a smart play or should I just forget about it and let them sell it and make whatever they make. HELP FAST

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