Deal in Front of me and Can't Close the Deal

[Todd Miller]

Hello Everyone.

My father has a rental home which neither he nor the tenant are maintaining. I have already tried to purchase the property from him at an agreed $60K (Appraisal is $100K+) to repair and hold as a rental however I don't have 20% down and lenders have told me my debt to income ratio is too high. (The only debt I have is my primary home.) And yes I live paycheck to paycheck with little money in savings.

I've been to one real estate network event where people gave me ideas but nothing worked. It all comes down to me not having the cash. I realize the option of getting a partner however from the people I spoke with, the deal isn't worth their time. The only option I know will work is to rent out my current home and purchase the rental home as my primary residence. That's not going to happen.

And advise or other options? The point is to gain control over the home because my father has formed some sort of bond with the tenant.

[Jean Bolger]

it sounds like your dad is offering you a good price, but how are you planning on funding the repairs if you're living paycheck to paycheck with little savings? Buying a property that has deferred maintenance without proper cash reserves in place can be a recipe for disaster.