All Forum Posts by: Garrett H.

@Jeremy Scherer Gotcha. If you can, keep us updated on how things go over the months. Best of luck, now onto the next one!

@Account Closed Great advice, Clay.

@Paul Stout Appreciate it!

@Jeremy Scherer That's awesome! Curious, what area of GR?

Hey all, I'm looking for agent recommendations in NW Indiana (South Bend to Valparaiso area). Any help is greatly appreciated!

@Rick Antezana These guys have provided great info already. With wholesalers (anyone for that matter) always try to check references and calculations for yourself. Just like you would with tenants, thoroughly screen people you're doing business with.

Congrats on the first deal!

Did you happen to ask the people on those forums for more information? If so, any good information?

Also, check out this member blog post for a little more information - Government Real Estate Grants by Laura Al-Amery

Obviously, it's hard for me not to approach this situation optimistically with the "there will be no hard feelings" attitude, but as you and Amy alluded too, things can get a little sticky within the family. I still have a lot to think and talk about to get a better feel of the situation, and will definitely keep your advice in mind.

Thanks for responding.

Thanks for replying Amy!

It stinks when this sort of situation draws lines between family members, and unfortunately you can personally attest. In my case, this isn't a huge concern as there is only one other family member in the picture, but definitely something I need to factor into my decision.

Great advice. Ultimately, using him for guidance will drive the transaction (or lack thereof).

He doesn't as of now, but I'm sure going that route hasn't been completely dismissed. Unfortunately, using him as a private lender through IRA isn't an option...

It is free and clear, and I checked out your recommended post. Great information! The IRS rule of imputed interest even on private loans was interesting.

As I'm understanding, installment sale and contract for deed are one and the same?

Also, being that only equitable title is transferred in an installment sale, the Buyer wouldn't be able to borrow against the property through a home equity loan or HELOC in the future?

Thanks for the response, Brian!

Hey, Everyone. I'm looking for advice on purchasing a SFH rental from my grandparents...

Backstory: My grandparents have owned a couple of rentals in rural mid-Michigan (where I grew up and the majority of my family currently lives) for 20+ years now, but are ready to divest; I'm interested in buying one of them. They don't necessarily need a lump sum right now, but to maintain some monthly income.

It's a 3/1 SFH built in the mid-1900s set on 4 acres, in good condition but could be modernized a bit, most likely going to be priced around $60k - $65k. Has a solid rental history; currently occupied by single male paying $750/month. He's lived there 10 years with no issues and doesn't plan on leaving anytime soon.

The intent of this post is to get your opinions on approaching my grandparents and structuring the deal, and not as much on analyzing the specifics that I don't yet have (to be hashed out after Thanksgiving dinner). To me, this seems like an opportunity to use seller financing to appease both parties and get ahold of my first rental property. Any suggestions on financing, terms, minimizing taxes for either party, words of caution, etc., would be greatly appreciated. I'm all ears.