How do I get this investment house into my name for the least amount of non- refundable fees?
I have a house my dad is selling me for $ 115000.00. It is worth about $ 160000.00. I have put a lot of work and about $ 15000.00 into it. Originally, I wanted it because we could do it without a realtor and new mortgage fees, because he would finance it for me. Now he is worried about his bank calling his loan if he sells it to me seller finance. So I decided to try to get a loan to purchase it non occupied , no down payment. This turned out a loan with $ 5000 fees and a high interest rate! Then refinance in six months for lower interest with another $ 5000 fees. This senario is not profitable to me to say the least. My other options are: 1, finding a legal , safe way for him to sell it to me seller – finance. 2 find a hard money lender to front the cash, then re finance asap. or 3 wait till my renters move out then puchase owner occupy 4 scrape up 10% to get a better loan. Any suggestions? Thanks a lot.
I currently have a lease and an option to purchase at 115 $ k. This bothers me as much as anything because I see no quick way to protect the investment I have all ready made from loss in an unexpected death . I am renting it at a $ 350 per month profit .