Rental Property Investor · Duluth, MN · Member since 2021 · 127 posts · 38 votes
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!
Speak to a local real estate attorney that is familiar with drafting mortgages. They will be able to help you with it. I would not write one or download one online.
Real Estate Investor · Burlington, VT · Member since 2010 · 2k+ posts · 1k+ votes
5y
@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.