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Updated almost 8 years ago, 02/24/2017

User Stats

42
Posts
8
Votes
Josh Nabors
  • Rochester, Minnestota
8
Votes |
42
Posts

Dad wants out of rental property. Any no money down ideas ?

Josh Nabors
  • Rochester, Minnestota
Posted

My dad is retiring and getting rid of a couple of his properties. He asked me if I wanted to look into getting the properties. A year ago I bought a foreclosed duplex with an fha203k loan and owner occupied. I am now looking at getting more properties.

Is there any way for me to get this property with no money out of pocket? The house is worth about 90k and he has about 70K left on the mortgage. His loan is not assumable. He is not looking to make any money. 

I've read about Quit Claims, refinancing the property into my name, and seller financing. How can I purchase this property for the price left on the mortgage without having to come up with a 25% downpayment?

For what its worth, the property is out of state. It has been rented for the last 3 years at 950/month.

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