This is my first time trying this so please bear with me. my mother is selling her home and moving to florida. I own my own home, and would like to buy her house, as a rental unit as i live close enough to over see it. i have good credit and work in the property management field with a large property management company. Would someone tell me where i should start, so i can get a loan to buy this house from my mother??? thanks for any help you can give me. matt hu
Matt ,the issue of purchasing this, based on your good credit, should not be a problem.
The only issue is the type of financing that you are looking for. i.e 100% one loan, 80/20 combo…etc.
What State are you located in?
Matt,
You may want her to quit claim the property from her to you and her and then do a refinance of the property and not a purchase.
Email me with questions…I have done this a few times.
Edge
You should not have a problem doing this whether it is a refinance or purchase transaction and it can be done either way. It depends on how much your mother wants for the property. If she wants he equity out of the property, you are better off doing it as a purchase because your terms on the mortgage will be better.