Advice on Purchasing Family Home

3 Replies

Me and my wife are talking to my father in-law about buying family home from him. He paid 85 for it and is asking 105 for it. The house has about 100k in improvements needed. What would be the best way to pay him off and still have 100 to use for the remodel? He is offering to tittle it straight to us so we don’t go through hassle of buying it conventional way. Would we just refinance the house for full value? As is its prob valued at 180-200. We both make over 100 a year and both have great credit. 

@Account Closed - Can you provide more information on your question?  What state/city?  What are your long term real estate goals (i.e. Is this your forever home)?

Also, you should try using the BP calculators to look at the after repair value (ARV). This will probably help answer your question.

We are in Oak Lawn IL, hoping this can be our forever home if we can obtain the 100k to upgrade the house. I will try the calculator, thanks. 

Defintly worth the investment, homes not remodeled are going for 250 to 300 range the same size. So if we buy at 106 and put 100 into it. Should expect a decent return on what we invest. Just wondering what would be the best way to secure money to do upgrades.