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Updated over 5 years ago,

User Stats

24
Posts
3
Votes
Erica Gregory
  • Rental Property Investor
  • Baltimore, MD
3
Votes |
24
Posts

Creative solutions for financing

Erica Gregory
  • Rental Property Investor
  • Baltimore, MD
Posted

Hello!

My father has a rental property that he wants to sell but he has an outstanding $50k HELOC on it. He wants to sell for $75k but after a market analysis is looks like he should sell for $50k-$70k (Max). The appraisal hasn't been done recently but about 5-10years ago it appraised for $103k.

I have never purchased a home or rental property before but I want to buy it from him. The house is decent, fairly new appliances, well cared for and has a section 8 tenant in it that pay $1092/mo. It’s not the greatest of neighborhoods and it’s not in an up & coming area so I don’t anticipate any appreciation.

I don’t have great credit and only $7k as a down payment. Is there any way for me to purchase this rental from him?

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