What are the numbers? What are the actual repairs?
I’m assuming your saying your going to get about 5-6k down?
You could convert your IRA to a self directed(Mid-Ohio, one source), pull out 2500, get 5k from your mom. Sell the puppy AS IS, if it is only 3k it can’t be that bad, unless it is really a small house. Get 5-6k down and that goes back to your mom.
The rest depending on the agreement can go all three ways, IRA, Mom, and You.
I have a foreclosure right now that has about 25k in equity, that I can take over if I can only get 7500 dollars. I have a little cash in my emergency fund, I have about 2800 in an IRA, and I have a source to get money if I want a partner, but can I get a loan somewhere (other than a bank) in this type of situation? (My partner is my mother, and I don’t want to put her at risk if something goes wrong) This house needs about 3k in repairs, and I will owner finance it for about 8k for more than it is worth, getting a down payment for a few thousand more than what I will have to shell out for repairs and arrears. Where can I get that short term money? Should I just get it from mom? (Hate to) Any ideas would be greatly appreciated,
Brad
How about a 50% hard money loan on the FMV of the home? The benefits: 1) no money out of your (or your Mom’s) pocket; 2) money to you at closing for repairs; 3) have a nice monthly income if you make the repairs and sell (even after repayment of loan). There was something on this type of deal here at this site.