Posted by Brent_IL on February 15, 2002 at 19:08:52:
At times, family complicates things. I would have your wife talk to her sister to see if she needs the cash. Then, once she’s on board, talk to your in-laws.
Get a FHA Section 203(k) loan for the rehab. They’ll walk you through it
Advice on buying In-law’s property - Posted by AW_(WI)
Posted by AW_(WI) on February 15, 2002 at 11:18:34:
I have been studying on REI for just the past two months. I have not purchased any courses or material from the guru’s, but been reading on sites(esp. this one) and various books from local bookstores. I have been working with a realtor who has been showing me duplexes and I am interested in that route. However, my in-laws have an empty home for the past few months sitting in town. Not a good area (by tracks) small house that was my wife’s grandparents. I believe they were going to sell the home, but just haven’t got around to getting it ready. I know they planned on splitting proceeds from a sale between my wife and I and my wife’s sister, so I have been reluctant to step up and say I wanted it. If I do approach them to buy, I was wondering what would be best way to do so. Land contract, L/O, or other? I would prefer to keep it as rental property, but maybe that not best idea. Would definitiely need to fix the place up and I am not much of a handy man. Advice on which way to go on this? Thanks all.
Re: Advice on buying In-law’s property - Posted by Jeff M
Posted by Jeff M on February 20, 2002 at 13:58:27:
Have you approached you in-laws about the possibility of renting the property and splitting the net proceeds between your wife and her sister? If the parents have told you they want to give the proceeds to you all, it is a shame to let the place sit vacant. That rental money will never be recaptured. This may be an inexpensive way to “get your feet wet” with RE Investing. Good luck.