buying home from family

[Dan Vollmer]

Hey Guys! First time poster so thank yall in advance! I have the opportunity to buy my grandmothers old home. She passed away
away 6 months ago and the home has no mortgage and is currently still in her name, however the home was left to her daughters and will transfer into their names in the coming months. 

I will be buying the home directly from them and we will not be using a realtor. I would like to use the home as an investment property for either a short or midterm rental. The home has been appraised and has had a home inspection already.

The home will need a renovation so I will need a loan that would cover the purchase price as well as the reno costs. 

For people that have been through this process before, what type of loan did you secure or is there another creative way to do the deal without seller financing as they would like to receive all of their share of the money at closing. With interest rates going up I would like to put down as little as I can. 

Also because we are not using a realtor, how did you conduct the closing, for example did you use a title company and a title attorney??

Home purchase price:  $163000

Reno cost: TBD but we estimate around 80-100K 

home location: North Augusta, SC

Any help would be greatly appreciated on this :)

[Jayson Hinkson]

Congrats Dan and good luck!

It sounds like hard money is your best bet. Just be sure the home will appraise after renovations. One you refinance...You will be able to pull out 75% to pay off your loan, renovation costs, etc. 

I'm local to the area so if you need any contacts as far as attorneys, hard money lenders, and contractors let me know.

Thanks Jayson Hinkson