In-law seller financing opportunity
Hi BP. This post is my first action towards building a real estate portfolio, so please be forgiving if I sound like an idiot.
My father in-law owns a property his son has been living in for the last 10 years. The house will be vacant soon, and he’s looking to dump the property.
This house is a 3/1 with an unfinished basement and all utilities work. I think I would only need to replace carpets and clean the hell out of it for it to be rent ready.
Fully rehabbed houses in this particular neighborhood on the east side of Flint, MI are on the market between 30-40k.
I have gently probed him to see what his desires are with the house. Turns out, he just wants to be rid of it, and is willing to sell the house to me with no money down and seller financing (he is retired and doesn’t really need the money.
I believe this property will easily rent for 600$
My primary questions are these:
If we came to an agreement, what players would I need to round up to make this happen? I was thinking an RE attorney, inspectors, contractors.
Do I need a REA to represent me on the sale?
Should I avoid investing in a C class neighborhood as my first property? This is a neighborhood that my wife and I lived in 20 somethings, so I know the area well.
Any other responses/advice are greatly appreciated!