Updated over 6 years ago on . Most recent reply
Creative solutions for financing
Hello!
My father has a rental property that he wants to sell but he has an outstanding $50k HELOC on it. He wants to sell for $75k but after a market analysis is looks like he should sell for $50k-$70k (Max). The appraisal hasn't been done recently but about 5-10years ago it appraised for $103k.
I have never purchased a home or rental property before but I want to buy it from him. The house is decent, fairly new appliances, well cared for and has a section 8 tenant in it that pay $1092/mo. It’s not the greatest of neighborhoods and it’s not in an up & coming area so I don’t anticipate any appreciation.
I don’t have great credit and only $7k as a down payment. Is there any way for me to purchase this rental from him?