Mortgage from family questions
Thanks in advance for any assistance with this.
I am considering buying a house from a family member. We get along well, he is willing to "self-finance" which is a big part of why the deal would be compelling to me. I would like to make sure this gets done well so the interests of all parties are met. How have folks done this kind of deal in the past?
Some of my thoughts:
1. I can't pay cash but can pay a down payment and would likely pay extra, especially after the next few years go by.
2. I would be more comfortable with the property being in my name and having a contract.
3. Figuring out the balance owed over time seems like this might be best left to a third party. Is this true?
4. Is there some easy way to self calculate interest vs principal payments?
5. Just so respondents know, I already have rental properties in this market.