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Updated over 6 years ago,

User Stats

148
Posts
55
Votes
Autumn Rankin
Pro Member
  • Rental Property Investor
  • Bandera, TX
55
Votes |
148
Posts

How could I structure this deal?? (Help please)

Autumn Rankin
Pro Member
  • Rental Property Investor
  • Bandera, TX
Posted
I know a lady who owns 4 acres & house in a very desired hill country area. She wants to sell but is 70 and has no where to go. She was thinking of doing a “lifetime” deal. Meaning you buy the estate from her (at a $65,000 less price) and she can still live there till she dies. She owns $20,000 on property and deferred the taxes. She needs the $$. That’s the deal My thought was to assume the mortgage and take a home equity line of credit to may her monthly (which is what she needs). I don’t need to live at the property, just thought it would be an opportunity to get a valuable property and use the line of credit to fund more deals Your thoughts??
  • Autumn Rankin
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