Situation is: my uncle wants to sell a 1M house to me (probably won't say it's 1M on the sale for tax purposes) so we would be paying off a private loan to him.
I am not in a situation where I can necessarily afford to pay a high mortgage on a 1M house.
I do have 3 other properties totaling maybe 400k in value.
How can I help my uncle by buying this house and also continue building my portfolio and not be in scary debt??! was thinking: before I "buy" the house from uncle, can I put it in my name and take out a line of credit of let's just say 1M to make it easy, put 900k in something like S&P for a year, use the 100k for living expense, and then pay off the loan? By then I can probably swing the monthly loan payment to my uncle?
u/Expensive-Tea9883 — 1 month ago