Invest. Propty. Advice: I got one, want another

[psychobyte]

Hi,

Let me tell you about my situation. My mother gave me her house which I had to finance 150K and put in my name. However, she still lives in it and pays the mortgage every month, approx $750/month. I pay the insurance and prop. tax approx $100/month. I don't live with her but, instead rent in a nearby city as I'm going to school and work-full time. I would consider that an investment property.

As I pay rent and plan on living here for another 2-3 years, I would like to possibly finanance another property to live in for the time I'm here the probably rent that out when I leave(or sell). I currently have less than 50K in HELOC, make about $40K/year, probably wouldn't put anything down, and have a high 700 credit score. Most houses around here go for between $300K-$555K.

Can anyone give me some advice in programs or strategies on possibly financing another property? Co-sign with a partner?

Is there such a thing as a co-sign firm/lender/group that fronts some money on down payment and monthly rent but, we build equity together? In the end we sell out to the other or sell and split the equity?


Any advice would be appreciated.

Thanks.

[Tom Champion]

Your situtation is not that much different than many others I have helped in the past.

The first question I have did you refinance your mothers property as a investment property or owner occupied? Do you have a lease with your mother or is this an agreement between you and your mother? Is your mothers property in the same state as where you are currently living and working? I have several more questions before I can give you a options

You will be limited but have some options.

If you want to continue this please reply.

[psychobyte]

Hi,

I financed is as an owner occupied. (not the case anymore).
At the moment it's a verbal agreement. The house is only one town away.

Thanks.