I am going to buy a house from family in the next year and was

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Anonymous
2017-08-23 02:31:57 Post No. 3174099
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Anonymous 2017-08-23 02:31:57 Post No. 3174099 [Report]

I am going to buy a house from family in the next year and was hoping for some advice. The house is worth 230k but family wants 100k in exchange for me taking care of elderly family member for past few years. The house was transfered to my Dad/Uncle/Aunt five years ago, they paid nothing for it. My household income is 80k/yr and by the time of purchase I will be down to 30k student loan debt.

Option 1
>get mortgage for 100k and pay family
>family pays taxes on this amount

Option 2
>family gives me house
>I get second mortgage and give them all 14-28k depending on final breakdown as a gift
>instead I pay taxes when I sell the house on the full amount of sale, I have no intent to ever sell

Is option 2 possible? Can you get a second mortgage so soon after getting a house as a gift?

I am going to buy a house from family in the next year and was

I'm aware that Imgur.com will stop allowing adult images since 15th of May. I'm taking actions to backup as much data as possible. Read more on this topic here - https://archived.moe/talk/thread/1694/

I'm aware that Imgur.com will stop allowing adult images since 15th of May. I'm taking actions to backup as much data as possible.
Read more on this topic here - https://archived.moe/talk/thread/1694/