All Forum Posts by: Josh Nabors

land contract or sub2 financing, and then refinance once my name is on the title?

@Patrick Liska

Will conventional lenders allow a downpayment from a family member in a scenario like this?

The property would appraise between 90-110,000.

@David 

@David MacClintock

It does cash flow. He just wants to wash his hands from everything. If he can't sell it to me some how, he will just sell it out right and make money.

@Jonathan Safa

I am familiar with the due on sale clause. The property in located in Kansas City Missouri.  The property is in good condition. It was completely rehabbed less than 3 years ago. 

I think my dad just wants it off his DTI and credit report or else he would do a deal with me.

My dad is retiring and getting rid of a couple of his properties. He asked me if I wanted to look into getting the properties. A year ago I bought a foreclosed duplex with an fha203k loan and owner occupied. I am now looking at getting more properties.

Is there any way for me to get this property with no money out of pocket? The house is worth about 90k and he has about 70K left on the mortgage. His loan is not assumable. He is not looking to make any money. 

I've read about Quit Claims, refinancing the property into my name, and seller financing. How can I purchase this property for the price left on the mortgage without having to come up with a 25% downpayment?

For what its worth, the property is out of state. It has been rented for the last 3 years at 950/month.

One piece of advice my grandpa gave me when showing the property to a prospect.

When you are done with your showing, kindly walk them out to their car and take a peak inside and see how well kept their car is. If its clean and tidy, chances are they will take care of your property!

I would like to know where said triplex is...cause nothing exists here lol

 I grew up in a family that bought and rehabbed/rented houses. I graduated college when I was 24 and started working full time as a nurse. When I was 25 I bought the duplex.  I am 26 now. 

I do have a job. My mortgage on this duplex is cheaper than renting. So even if my renter didn't pay, I can afford to pay the mortgage because if I wasn't paying the mortgage I would be paying rent some where else. I live for free now, which allows me to focus on my student loan debt. This site has a wealth of knowledge in it, along with amazing forum contributors. This forum is what lead me to the fha203k and my first property. 

FHA or FHA 203k loan.

I did the 203k route. I built equity, I live for free, and I even make a few hundred a month.

I strongly suggest this route. I have student loan debt, so having my mortgage/rent paid is amazing.