All Forum Posts by: Brady Hauch

I'm looking into assuming the mortgage on my sisters house and am struggling to figure out how to finance the equity that I would have to come up with to make the deal work. Some details on the deal below:

Mortgage rate on the property: 3%

Monthly mortgage payment: $1200

Amount owed on mortgage: $230K

Current property value: $370K

Equity: $140K

Due to the low mortgage payment and high rent potential in this neighborhood I would like to assume this loan and rent this property out as a long term rental. I am trying to see if the numbers still make sense to do so after financing the equity portion that I would owe my sister.

Any thoughts on how I can finance the $140K in equity I would owe my sister? I tried speaking with several lenders and they were unable to help me with the deal. Any advice/ suggestions would be much appreciated!

Thanks,

Brady

0 Votes

Saint Paul, Minnesota

Quote from @Amy Feller:

Hey Josh!

Congrats on the duplex. My husband and I also house hacked a duplex and it was such an experience. So many great times and alot of funny stories and learning lessons.

The meetup is a good mix of investors, newbies and seasoned individuals - some are realtors. This month will be really laid back. We go around and everyone shares their experience and what they are working on and then it's an open forum for networking and talking about whatever you like in the real estate investing space. It's also a time for you to network and chat with likeminded people.

When I leave Brick and Brews I am ALWAYS more excited and dedicated to investing.

Also if you like beer - 56 Brewing has some great brews, if you don't drink - they also have a great NA beer and other NA options.

If you have any other questions feel free to reach out!

Hey Amy,

Do you have these meetups regularly and if so, when is the next one? I am in the Saint Paul area and am looking for networking opportunities in the area.

0 Votes

Minneapolis, Minnesota

All Forum Posts by: Brady Hauch

Brady Hauch has started 1 posts and replied 2 times.

Post: Financing Equity from Assumable Mortgage

Post: Brick & Brews: Investor Networking Event