First I'm doing this from mobile so sorry for any errors.
My parents want to give me the house. This is what they came up with and I'm happy with this plan: Currently they owe about $150k on it. My plan was to go to the bank and ask for $400k and have my parents sell me the house for that price. If that happens they could clear the $150k they owe and use the $250k to buy themselves something smaller and not make any payment on a house for the rest of their lives.
This seems like a good idea. I can handle a $3.5k mortgage payment but the house they want to give me is a multifamily house so I would be getting help with the mortgage anyways from the income from rent.
I also want to say that $400k is WAY under the market value. My parents aren't trying to scam me haha. I originally felt bad even considering it but they really want to do this and it would help me and my wife out a ton.
Is this the best way of going about this where I get the house and they have money to buy their own place?
Submitted March 03, 2021 at 03:46PM by Reconciled_ https://ift.tt/3baNDwX
