Hello everyone, my name is Andre and I from Miramar Fl. I considered investing in real estate as a possible way to off set my student loan payment or eliminate it altogether. I'm looking for help to map out a winable solution (if possible). I have a student loan debt of 145,000.00 with a IBR (income base repayment) plan of 100.00 a month due to my current unemployment situation. The regular payment is 1,000. I've been living rent free for the last 9 years (for obvious reasons) thanks to my lovely grandmother. In a attempt to help me, she has agagreeded for me use her house any way I see fit to better my future. My grandmother's house has a reverse mortgage of 206.000. The house is valued at 350,000. Let me not forget I have a low credit score of 640. I was thinking of buying my grandmothers house ( with a cosigner of course) then using the equity to buy another poperty and rent my grandmothers property.The rent from my grandmothers home would cover the first and second mortgage and off set my 100.00 a month loan payment. then with my current current salary of 50k a year will pay the mortgage of the New house. If anyone sees any possiblities of me coming out of this situation a winner would be much appreciated.
