Advice Needed - Buying My Childhood Home

[Tom A.]

Hi Everyone,

I’ve been browsing the BiggerPockets forums, reading the books and listening to the podcast for months. Now it’s time to pull the trigger on my first deal!

The plan is to purchase my childhood home from my Mother. The problem is that I only have half of the cash required for a down payment, repairs, etc. With a few more months I could come up with the cash from my wages, but my Mom wants to sell the house sooner than later. I also have friends that would be willing to lend me the money, but I would prefer to do this on my own.

• Does anyone have creative financing ideas that would work in this scenario?

• If I do end up going with private money, what would be a good way to structure the loan so that everybody wins?
• What else am I missing?

Any advice or feedback is greatly appreciated!