My fiancee and I looked at a duplex today in a up and coming neighborhood, with a lot of hospital development. We have a family member who would act as our private investor, and loan us 100% of the purchase price in return for a reasonable interest rate on the money he loans us.The asking price is 65k, we are going to offer 55k, and negotiate from there.
The question is, what is the best way to have him give us the money and us give it to the seller, and have the entire transaction be under our name? This is an MLS listing.
@Luke Harrison if you want to avoid complexity, he writes you a check and you give him a promissory note describing the transaction. You use the funds to conclude the purchase.
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