Updated over 6 years ago on . Most recent reply
Using gift equity for down payment
I'm in the process of purchasing a home and looking for some advice or others opinions. I am purchasing a home from a family member for about 150k below market value. My two options are to receive a gift of equity for a down payment of 20% or pay 5% out of pocket. My plan is to rehab this home (cost will be around 100k) and live in for a couple years before buying a second property and renting this out. Any insight or advice is appreciated.