Buying my parent's home

[William Brundidge]

Hello all,

My mom cannot take care of her 5 bedroom house anymore and is willing to sell it to me way below market value, 120K, since it will need a decent amount of rehab before I can rent it out. My mom owns the house outright. My question is what is the best strategy for financing? I do own another rental property than has about $150,000 of equity. 

[Brandon Sturgill]

@William Brundidge Ask her to carry a note...maybe 10% down...5-yr term...30-yr am schedule...5% interest...and I would cover her closing costs since she's your mom ;) 

Good luck