Rental Property Investor · Oakland, CA · Member since 2018 · 3 posts · 2 votes
Hi BP community. I’m hoping for some guidance. A family home in Northern Ireland (technically UK) needs to be sold. It was my grandparents who both recently passed away so now belongs to their 5 children. If I could purchase it I would obviously get a great rate and with some work the appreciation would be huge. The issue is I don’t have enough cash to purchase outright.
Has anyone experience with "international mortgages"? Are there creative ways to finance this without completely ruining me financially? I'm only beginning my REI journey and don't want to make a silly mistake of the heart.
My parents are currently renting elsewhere but wish to live in this home and use their “cut” as a partial downpayment to help.
Very complicated but as Brandon always says - Not I can’t but How Can I?
I see that you are an investor in Oakland. If you have some rentals you could refi these and use the proceeds for the down payment in the UK. I would look into seller financing first seeing that this is family, they will at least have the conversation with you. This is likely your best bet assuming that seller financing is a thing in the UK.
I randomly have a UK lender connection. When I started my business I got the.com and did a google search for my business name and it did not exist...or so I thought, a few months later I learned the name was being used in the UK. I reached out and the guy that had the same business name did not care that I was using the same name as him. I would be happy to connect you to him. He was a great guy and would at least have a local recommendation for you.
Rental Property Investor · Oakland, CA · Member since 2018 · 3 posts · 2 votes
5y
Hi @Jason Shackleton Thanks so much for the response. I would love an intro to your friend. They more advice the better on this one. I will certainly float the idea of seller financing too.