Using Family For Financing

3 Replies

Hey Guys,

So, I'm looking to buy my first rental property. I've been looking through the HUD listing at the local forclosures. My question is, is it possible to finance the purchase of a foreclosure with a loan from my family? If so, where would one get contracts for that? Any details on the process would be very helpful. Thanks!

@Noah McPherson   Yes, as mentioned above a real estate attorney should do that and it's fairly straight forward.  The note will be a one page document outlining the terms, and then a lien would be placed against the property as security.  The whole process should be $500 - $1000.