Lake Living

If there are any real estate agents out here…contact me.
I am looking for a safe lake that my kids can swim in, fish in and relax in. Out the door and in the lake.
Cottage, shack, whatever.
SOuthern Wis. Wis. Dells.

$200K

go to realtor.com or a specific realty company such as keeferealstate.com
$200k? you might find some land for that as for a house goooooooood luck! lake property is very expensive.

My friend has a home that is worth at least $300,000 (comparable homes in the area are for sale and have sold for $450,000) which was left to him by a family member. The home is fully paid off, but he missed a tax payment (or two) and he now owes $25,000 plus penalties and the county is threatening to take his home if he does not pay within the next 5 months.

My question is how can I help him save this property from the county so that we can sell the property to recoup my costs and allow him (and to a lesser extent, I,) to make some profit? It may take a while to sell the property due to the current pulse of the market, but we will be able to sell it below market price since it is fully owned.

My friend has awful credit so I will have to take out the loan to help him with this house. I have great credit (730), but I am a real estate agent with W-2s showing annual income of approximately $15,000.

I am willing to relocate to this house as a primary residence if it will help me obtain the loan.

Any advice? Ideally I will be able to arrange it so that I can take out an equity line of credit or refinance the home. Will I need to get my name on the deed first?

Thank you in advance for your consideration and responses.

It’s great you’re willing to help him. Your name will have to be on title if you plan to use the property as collateral. You should have a side agreement (in writing) that he will deed you an undivided 50% interest and when the property is sold you will be repaid plus what ever profit you agree on. Completely legal.

realtor.sailor