Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 3 years ago,
Renting Out Our Family Home
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!