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Updated over 6 years ago on . Most recent reply

User Stats

7
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3
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James Peterson
3
Votes |
7
Posts

Buying rental prop from family.

James Peterson
Posted

Hi all,

Newbie here so please bear with me. My uncle has a rental prop in an up & coming neighborhood that he wants to sell to fund his retirement. I would like to buy said prop, but don't have the collateral to get a loan of that size. I'm gainfully employed and have some savings. 

Is there any way in which the building could be signed over to me or sold at a more reasonable price then I can turn around and take out loan using that prop as collateral to pay remaining balance on his original ask? 

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