Crown Point, IN · Member since 2017 · 39 posts · 4 votes
need help friend wants to sell me his property in dying town in Illinois worth over 30k for the purchase price of 15k has a rent to own tenant that is on a 5 year contract paying 575 month. The renter has been in the property for 4months but under contract only 2. I would like to purchase put a mortgage on it use the money to purchase fixer upper locally. Also do I need closing company or some contract to close with friend? Thanks. Chris.
Rental Property Investor · Belleville, IL · Member since 2017 · 875 posts · 529 votes
7y
The best way to lose a friend is to go into business with them. Hire a real estate agent or attorney to draft the sales contract. Go to a closing/title company and protect your friendship above all else. This way you can both agree or disagree BEFORE the fight stats over he said he said.
Real Estate Broker · Downers Grove, IL · Member since 2012 · 93 posts · 57 votes
7y
I agree with George on this one!!! Definitely hire an attorney to represent you and hopefully your friend also has an attorney. I hate to be skeptical but I'm always concerned when someone is trying to sell a deal like this in a "dying town". Call me pessimistic but if the deal was working so well for them shouldn't they be trying to do more of them... instead of trying to get out of it?!?!