Should I purchase my childhood home.
Hello bigger pockets family, an opportunity recently landed into my lap and im unsure how to proceed forward. My grandmother house, whom my uncle (Her son) has power of attorney, would like for me to take responsibility of the home. As far as i know theirs not any violations, the taxes are owed for this year only.
The loan has been paid off for years and the home is need of an extensive renovation. It is livable but in pretty bad shape. My realtor provided an conservative arv at 200k
There's one condition placed upon me. If i choose to accept, my uncle must stay. I have another uncle who is a bit mentally challenged and he has lived in the home since forever. Personally this isn't a problem for me because i want him comfortable in his latter years.
This would be my first acquisition of this sort and im not sure what my end result can be.
My hope, if feasible is to transfer ownership to my company. Repair the house with cash. Rent the remaining rooms for transitional living. Attempt to recoup my investment (whole or in part ) while taking a line of equity of some sort to use for a downpayment on an traditional brrrr.
I would like to thank all in advance for their insight and advice. Im open to all possibilities and I just feel like this is an opportunity to do good while building my real estate portfolio.
Couple questions i hope you guys can help with.
Should i use an agent to complete transaction?
What loan instruments are available for a paid off house?