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Updated over 6 years ago,
How could I structure this deal?? (Help please)
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??