Need Creative Ideas
So, here's the story. I am a new investor, been studying for awhile, but been doing some globetrotting and haven't been settled in one place long enough to feel comfortable with my knowledge of the local market in order to take the plunge. I'm ready now.
Problem: No money. Yeah, you've heard it before. But here's a twist. I have talked with my stepfather about investing in real estate on a number of occasions, and he's intrigued by the idea, but too gun shy to really pull the trigger.
He bought, and owns outright, the house next to where he and my mom live and rents it out. The house I would guess the value of the house to be in the $275k-300K range.
Here's where I need some creative ideas. I want to figure out a win-win way to buy the house from my stepfather, remember I have no money, so that I can use the equity in that house and leverage it to buy other investment properties.
I don't want to ask my stepfather for an outright loan, so that's not an option, and I want to get the home in my name. It's a great rental property and I don't want my stepfather selling it to someone else on a whim without telling me.
What are some ideas for putting together a deal that will be attractive to my stepfather and get the house in my name so that I can leverage it to get started on my investment career?