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.