All Forum Posts by: Heidi-Marie Jones

Hi Sam.  Thank you for the wise opinion.  I think your right.  This one is not a good deal.

Hello.

I am buying 40 acres of vacant land from my moms husband.  He is selling it to me for $150,000 with the plan that I pay him $400 per month for 30 years with zero interest.  If he dies mybpayment go to my mom to support her. If they both die I stop paying and fully own the property.

What are the best steps to go about this to make sure I am fully protected.  He is very kind to me but is a hard man and someone that i believe would be nasty if something went wrong.  So I need to make sure I have everything done right to protect myself the best I can.

I was told to have a mutual release, i also assume it would be a contract done up by a lawyer?  What all do i need to do, have written up and sign to be fully protected?

I figure this is a good one to do because it will teach me right from the start how to protect myself. 

Thanks for all your knowledge and advice in advance.

Heidi

Hi John.  Thank you so much for the information.  That is very helpful.

I am looking at a property that is 20 hours from me and is a very low cost to purchase. This low cost allows me to put a 5% down payment which is all I have saved so far, and I can carry the mortgage myself while I pay rent where I currently live. To get lending I need homeowners insurance but to get the homeowners insurance it first needs new wiring and a roof. I don't have the money to do this now and was told it might be something I can put in the condition of the sale for the current owners to do. It is an estate house being sold by family members. My intention with this property is to do basic renovations and cleanup over the next year resulting in a BRRR over a 2 year span. Are there any options I am unaware of that could help me make this deal go through? Or should I just leave this one alone? This would be my first property.