Philadelphia, PA · Member since 2016 · 37 posts · 3 votes
Hi, I was wondering if anyone could offer me advice on how to creatively obtain a potential deal.
A family I know, their grandmother (93y/o) recently fell and broke her hip. She is out of physical therapy and back at home. The family was looking to get some financial assistance from the State, (PA), however the state basically wants them to sign the house over for benefits. Now they are looking to acquire a private loan for what ever money they need. They need money and I want to buy the house. What can I do? The one hold up is that they said they don't want to sell the house because they want the grandmother to live there still.
I haven't asked them how much they need but told them I am interested in helping out.
Any advice on how I could creatively purchase this property? Did anyone have a similar situation, if so what did you do?
Thanks in advance.
Mike
Lender · San Antonio, TX · Member since 2016 · 1k+ posts · 1k+ votes
9y
@mike lightcap I would figure how long you think the max she's gonna stick around for, calculate the rent/taxes/interest/insurance/ etc for that period, back it out of the amount you want to buy it for, and make them that offer and let her live there indefinitely. Chances are, at 93, you'll come out ahead
Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
9y
@Mike Lightcap, there are many possibilities, one is to buy and rent back, another is to buy with a long term lease in place, another is to buy it with grandma reserving a life estate in the property.