Looking for advice - from PA

[William J Stratton Jr.]

Hello everyone,

My name is William. Podcasts have been my life for the past few years and thankfully so as I found BP's. I am wanting to get into real estate and hoping for some advice from the BP's group.

Here is my situation:

I have been looking for a very nice duplex to purchase - I want to live in half. I finally found one after a years worth of research. The owners currently live in the duplex and want to sell it and move once the one owners mother passes. I told them I would rent the other half of the duplex from them until his mother passed and they are ready to move - his mother is currently 100.

I am trying to figure a few things out.

First - does anyone have any (creative ideas) of how I could get them to sell now?

I thought about asking them about selling now - having me take over ownership and of course full responsibility - at this point I would have them pay me rent until they decide to move out. What do you think about this idea? Do you have any other (ideas/sale pitches) that I could use that would be in the best interest for both me and the current owners?

Also - this would be my first home - what particular loan option would be best for me to look into as a first time home buyer - purchasing a duplex while living in half? I have already been pre-approved for an FHA loan.

I am trying to put the least amount of money down - what loan or tactic would you recommend me researching? I heard that you want to try and get your property appraised for 20% more than the asking price so you do not have to put your own money down - does this theory still hold?

Thanks for all the help- any thoughts or links would be much appreciated.

William 

[Percy N.]

William J Stratton Jr. If you are going to occupy the property, there are FHA programs that allow you to put down only 3.5%

Depending on where the property is located, there is also a USDA program where you can put down $0. This is typically offered in rural areas and smaller towns.