Should I?

**skully109** · 09-03-2008, 09:43 AM

My friend is going through a divorce and has two properties under his name which is killing his credit because it is maxed out with all of his other debt as well. He wants to sell me one of the houses for what it is worth.($72,000)

The thing is I know i can make money by renting it out. about 300-400 extra a month. The problem is that having money down at this point is tough and I was trying to find the best way he could sell it to me without any money down. Or if there is a way we could make a quick sale. I live in new york.

What is the best option for me to obtain this house from him. We currently live in the house with 2 other roommates (4 total). What I was gonna do is move out and collect rent from them. The seller (My Friend )would probably move out as well.

Thank you for all who help

**BeyondThePen** · 09-03-2008, 11:06 AM

Have you spoken with a loan officer to see what kind of program you could qualify for? The home might qualify (depending on its condition) for FHA - which would only require 3% down.

**jamesww** · 09-03-2008, 08:56 PM

Originally Posted by BeyondThePen

Have you spoken with a loan officer to see what kind of program you could qualify for? The home might qualify (depending on its condition) for FHA - which would only require 3% down.

If you act fast you can use a FHA loan and have your buddy contribute the downpayment through nemiah. But, to pull this off you will have to make it happen before the end of September as starting in October nemiah is no longer available.

**austinki** · 09-07-2008, 02:08 AM

why move out. If you could collect rent and live there that could work out pretty well. You could live there rent/mortgage free. In addition you would probably get a tax exemption by living there.