All Forum Posts by: Kieran Dowling

Kieran, the best bet here is to refinance with a DSCR loan. This will allow you to put the loan into the entity or business name of your choosing. No personal income or tax returns are required. There a ton of great DSCR options you can find on the Lenders tab at the top of the page, or connect with an experienced broker who can shop all the best lenders for you and educate you on the best options out there. Good luck!

What you have described is a garden variety land contract with a two year balloon. You don't have to paper it that way, but that is what it is

Can you explain this a little more?

Nothing worse than owing money to a family member. Family dinner tastes different when you owe someone else money. If it was me, once you've repaired it and rented it out, refinance or HELCO the building. However, you will have some difficulty there since it's not in your name. Should a family issue arise, you have zero ownership and basically zero legal say. Therefore, the building should be purchased in an LLC, where everyone is a partner, and you can then buy them out at an agreed price. As it is right now, it is not a good deal for anyone. I can see a problem down the line where it can cause some friction within your family. You don't want that. Put together an agreement between you and your parents, and with an agreed price, you can buy them out once the home has been fixed up and refinanced. As always, speak to a lawyer to ensure everything is done correctly.

Even the best intentions can go bad. No building is worth your family.

You forgot to attach the pictures.

I wouldn't guess about something this significant. Have a plumber look and give you an estimate. If there's no plumbing inside, that means there's no water heater, toilets, sinks, etc. That's going to cost a lot more than $20,000 to install everything from scratch.