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Updated over 4 years ago,
Creative Financing Help
So i am brand new to REI, i have a mortgage on my primary residence and mother has decided to help me get started with investment properties by allowing me to leverage her home which is paid off. So i am looking for a lender to help me determine what are my options because i am not sure if i should simply be added to the deed or completely transfer into my name. My rough sketched idea was to transfer the deed to my name so i can do a cash out refinance on her home, then pay off my mortgage with the money so i can then apply for a HELOC on my residence since my plan is to start with the BRRRR strategy.
I would love any and all advice or tips on how i should proceed or how my potential plan is flawed.
Thanks everyone in advance!!