A close friend is facing foreclosure. I just learned about it and during a brain storming for options, it occurred to me that I could buy from her, have her rent from me while she repairs her credit and puts together a down payment and then have her buy it back from me.
I don't believe she has much equity - probably 20k or less in equity is my guess on a possibly $280k to 300k legally suited side by side half duplex. From past conversations, she has this idea that her house is worth about $400k . The side by side half duplex is not in the best part of town in Edmonton Alberta, I believe if it was to be well run, it should do ok. I'm seeking suggestions/guidance from the REIN community:
1. Do you think this would be a good idea for us ( i.e.for me to look into the deal, given out relationship and the fact that I have never done an RTO before)?
2. If so, is there any one out there who can help me put together a deal for both our sakes (mine and my friends), for a fee?
3. Are there any suggestions or things you foresee that you can draw my attention to or provide guidance on?
Thanks.
I don't believe she has much equity - probably 20k or less in equity is my guess on a possibly $280k to 300k legally suited side by side half duplex. From past conversations, she has this idea that her house is worth about $400k . The side by side half duplex is not in the best part of town in Edmonton Alberta, I believe if it was to be well run, it should do ok. I'm seeking suggestions/guidance from the REIN community:
1. Do you think this would be a good idea for us ( i.e.for me to look into the deal, given out relationship and the fact that I have never done an RTO before)?
2. If so, is there any one out there who can help me put together a deal for both our sakes (mine and my friends), for a fee?
3. Are there any suggestions or things you foresee that you can draw my attention to or provide guidance on?
Thanks.