Trying to buy my parents home as an investment

[Walther Mendez]

Hey Everyone,

I need some advice on an investment opportunity. This needs a brief background story. My parents want to retire within 2 years and move back to our native country Guatemala. They currently live in their fully paid of 3 bedroom house. They want to sell their home outright and take money from that home and build a home in Guatemala. Their current home is in need of updates and repairs. We had a meeting with a Realtor a few months ago and the realtor said he would put a value on the home of around 125k. (there is a similar turn-key ready home listed at 165k in the same subdivision a block away) If the home was turnkey ready we feel that 150k-160k would be what it would be valued at.

I would like to purchase the home from my parents. Or, I would consider buying half the rights to the home from my parents. My dad is interested in this idea because he would get his cash to pay for his new home construction and would have some income coming from a rental. My question is what kind on financing is available for a deal like this? Would a lender consider issuing out a loan for half of a property? Do you recommend any other type of financing? Should I consider buying the home outright? My parents would need a lump sum so seller financing is not really an option.

This property is located in Charlotte, NC and similar homes are renting for $1,100 in the area. We estimate that a $15k through 20k rehab would put this property at turn key. i just bought my first home in june that is my primary residence and i caught the Real Estate bug. 

[Rocky V.]

@Walther Mendez

Your parents may consider selling home outright to you and carrying a 2nd note.  WIN, WIN for everyone.  They get their lump sum of cash to purchase another home and still have a security interest in property.