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Updated over 3 years ago,

Account Closed
  • Lender
  • Louisville, KY
0
Votes |
1
Posts

Renting Out Our Family Home

Account Closed
  • Lender
  • Louisville, KY
Posted

Hey all, 

My mother had just let me know yesterday that she was wanting to sell the home I and siblings grew up in. She's an empty nester and doesn't need all the space and wants to downsize. I feel like this is a great opportunity for me to keep it in the family and buy it from her. Wanting to become a real estate investor, I would rent out the home. 

Currently, I'm in a tough spot since I am going through a divorce and my credit has taken a hit. Also, I started my job in January and I get paid commission, so for me to get a conventional or FHA loan, I would need to wait 2 years from my start date.

Do any of you have recommendations as to how I can buy the home from her and then rent it out? I would hate to see it go as it is a turnkey property, with some new appliances and newer renovations. TIA! 

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