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Updated over 4 years ago,
Guidance needed: Investment financing question
I’m looking to purchase my late grandmothers house as an investment property for 80k from my father and uncle. The house should appraise around 100k-115k 3br 1 bth. Have a family member ready to rent for 800 month. I have 20k in cash but cant use more than 10k as a result of need cash on hand for emergency. I cant move into it as a primary residence as I have a family of 5 and it’s too small and won’t work for us. This would be my first property purchase. My uncle and father are 50/50. Uncle needs cash and dad isn’t so cash strapped. I want to do this right and not buy it as a owner occupant then turn around and rent it. Any advice on how to secure financing with around 10% down for this investment property?