Buying my parents home as my first investment

Richmond, Virginia
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Buying my parents home as my first investment

Sarah HudsonPro Member
Member since 2022 · 2 posts · 0 votes

Hello,

I want to buy my parent's home that they are no longer living in as my first investment.  I do not want to pay the comparable market value because I know what needs to be fixed.   I want to know various options that I can do to buy the house and at the same time be fair to my parents.

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Eliott Elias
Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
4y

Seller finance from them with nothing down all going to principal at a price they like 

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  • Dan Schwartz
    Real Estate Investor · Tempe, AZ · Member since 2012 · 874 posts · 648 votes
    4y

    Get an independent opinion of FMV. Contract it for that price, and have a condition of sale be that everything is fixed prior to close.

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  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    4y

    Seller finance from them with nothing down all going to principal at a price they like 

    1Reply
  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    4y
    Quote from @Sarah Hudson:

    Welcome to the BiggerPockets forums!

    You can pay for an appraisal or ask a REALTOR to provide a market analysis so you have an objective valuation, then negotiate with your parents from there.

    You still need to evaluate the property to determine if it's a smart investment.

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  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    4y

    Welcome to Biggerpockets Sarah! 

    I will suggest that you clearly define what you what and do some research then go from there.

    A local Investor-Agent can help shorten your learning curve and save you a lot of headaches as they tend to understand the market better.

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