Posted by Sean on July 01, 2003 at 11:49:48:
You could lease option, or have Father hold the mortgage (no bank) or buy it on installment using a land contract or contract for deed.
All 3 solutions prevent you from having to go to a bank, and give you all the tax benefits (except for L/O) of being the property owner.
Want to buy fathers rental property…L/O? Help! - Posted by SPD
Posted by SPD on June 30, 2003 at 21:04:41:
My father wants to sell me his 2BR rental house in NJ
(I would keep it as a rental). I have some $ for a DP, but am unsure if I could qualify for a mortgage on the property at this time(I own a house now but just did a refi to get $ for a DP). Is a L/O the best way to go? I have a corporation setup, so could the corp L/O the property. Does anyone have a good article on this?