Creative Ways to Save a Family Home
Hi BP! I have an aunt and uncle who are in a financial bind, needs cash and are looking to sell their lake house that has been in the family for years and has been a place that holds a lot of sentimental meaning to me and to the family. I don't know the extent of their financial situation, but refinancing is not an option for them.
They approached me today to see if there was an off-chance that I'd be interested in buying it. I'm not interested in moving there - it would need to remain a vacation home. Buying it and renting it doesn't look profitable either (numbers below).
I know they owe $240k on the mortgage and are looking to sell for $330k which is about right for the value of the home. For a few years they have rented the place out and it makes $1300/month.
Just curious if anyone has any creative ideas on ways we could potentially make a deal that would make any financial sense. I've only done a few real estate transactions so far in my investing life and they've been pretty straight forward buy and sells.