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.
@Charles Carillo Thanks you. I'll give that a try.
@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.