Looking For Suggestions
I am hoping for any advice about how to get this deal done.
I use to invest in real estate but had a bad year last year. When the dust settled I had 4 forclosures and no cash.
I am hoping to start over ASAP and this possibility presented itself due to the awesome parents and inlaws that I have. The nutshell version. I am renting my residence from my inlaws and they are willing to sell it to me for $250K it is worth in the neighborhood of $300K, so not quite 80% LTV.
They are willing to do something creative but safe and as a bonus so are my parents. Ideally my inlaws would like to get their equity out of this house to invest elsewhere, which is why having my parents help to get a loan might be the best route.
Here are some other parameters and possibilities I have though about to gett the ideas flying.
I do have an LLC with an EIN formed - no credit yet
My personal credit is around 580
My parents are willing to try and qualify to get the loan with us
Land trust?
Wrap around mortgage held in the land trust?
Traditional loan with parents co-sign?
Once again ideal outcome is my inlaws get equity out of the house.
My wife and I get the house without a ridiculous mortgage.
Thinking caps on.. ready go
you did mention how much of a payment you raelly can aford.
is $250K the equity?
No- the equity is about 50k.
As far as payments... I am not totally sure definately not over $2000 so when I checked out some calculators last night we may be out of luck