Mortgage experts only?
We currently want to purchase the house next door to us (approximant value is $ 69,000) to move my mother into so she would be close to us. My mother has a house across town that is paid for and should net approximately 78,000 after rehab if sold. However, we would like to try and keep my mothers house to use as rental property to pay the mortgage on the house we want to purchase for her. We would like to use my mother’s house for collateral with no money down on the new house but will still need to get some of the equity (line of credit about $ 10,000) in order to rehab her house prior to allowing tenants in it. She is willing to transfer the house to us via a General warranty deed to do what we need to do. We just need some advice on the best method to do this. Thanking you in advance for your assistance.