Hey all, I grew up in LA county in a multifamily unit owned by my mom. I was referred to this community as a place to find answers. My husband and I are ready to dwell into the Real Estate world, we are in our very early 30s and have a 4 month baby boy. The birth of our child has made us think about our life choices and we both feel ready to make an investment for him. As I mentioned in the first sentence, I grew up in a multifamily home in LA and when my suddenly passed away my oldest sibling stayed in charge of it. At the time, I was 20 and to be honest didn't think much of it, I was concentrated in the passing of my mom and eventually my education. Well it has been 10 years since then, and my sibling has giving it the bare necessities but has not been able to use the profit from this property to make it grow or be worth more. Due to her bad credit she currently has a hard cash loan and is finding it hard to refinance. She approached me and asked me to join her on the title as my good credit would allow us to refinance.
Honestly, I don't feel conferrable putting my name in the title with her, but thinking it over I was wondering if I could take over the property or add my name first and then remover hers? buy her out and use it as my first real estate investment property. Thus my question is, what would be the best way to go about it, without making any party pay too much and making the transition smooth. Can someone please advice?
