Warning this is going to be long!
I'm going to try to make this short and to the point. I've always been a positive thinker. I believe in the possibilities of life and only death is final (depending who you talk too). With that being said..., I give you my current situation. I hoping someone can help me navigate thru the rough waters. I'm 47 years old. I currently have a student loan debt that $150,000. I can't afford the monthly payments, so I'm forced to defer payments again, causing this cancer to grow. I currently have two jobs, with an combine income of $60,000. Still. not enough to pay my student loan and take care of my family My grandmother, worried about my financial future, has offered to help me. She has a house that h
as reverse mortgage of $218,000. The current market value is $330,000 ( based on similar homes sold in the neighborhood). $330,000 - $218,000 = $112,000
My uncle suggest that I get a mortgage (with his help of course) and buy the house from my grandmother, then use some of the equity to buy another property. Then rent the one which generate the highest rental income
Like I wrote in the heading, this would make a great case study for power of real estate investing. I'm anxious
to get input from BP. I would be willing to partner up, for
help to structure a deal. I remain positive waiting for a reply.
