My mom is selling her single family home!!
Would love to get some advice. My mom is getting ready to sell her home. I tried to advise her not to sell but to rent the property out but she still believes selling is her best option. Her goal is to sell the property by this fall. With that being said I've been trying to educate myself on real estate investing but honestly I'm not quite there in terms of being able to handle a project by myself. I know that real estate investing is what I want to do and don't want to let an opportunity like this just pass me by. Anybody been in a similar situation? Whats the best course of action here?
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- Real Estate Broker
- Cody, WY
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It's hard to give you a "best course" when there are hundreds of different factors involved that we're not aware of.
Just because your mom wants to sell doesn't mean you should buy. The purchase price may not work for you as an investment. You should evaluate her property just like you would any other and determine whether it would work. Biggerpockets has a YouTube channel with dozens of videos walking you through how to analyze properties. You should watch 3-4 of those (minimum), learn, take notes, and ensure you understand how to calculate cash flow. Then start analyzing houses on your market, including your mom's. After 15-20 properties analyzed, you'll start recognizing what would make a good investment in your area. You'll soon be able to look at the basics of a property (location, size, beds/baths) and immediately recognize whether it has potential to work as an investment or not. This will save you a ton of time filtering out property.
- Nathan Gesner
