All Forum Posts by: Michael Shepherd

@Jeremy Bourgeois thanks for that! Would I be able to use my dad as a partner put 20% down on the 40k and then buy my dad out through seller financing over time from cash flow on the property?

I’m looking to purchase my late grandmothers house as an investment property for 80k from my father and uncle. The house should appraise around 100k-115k 3br 1 bth. Have a family member ready to rent for 800 month. I have 20k in cash but cant use more than 10k as a result of need cash on hand for emergency. I cant move into it as a primary residence as I have a family of 5 and it’s too small and won’t work for us. This would be my first property purchase. My uncle and father are 50/50. Uncle needs cash and dad isn’t so cash strapped. I want to do this right and not buy it as a owner occupant then turn around and rent it. Any advice on how to secure financing with around 10% down for this investment property?