Creating Passive Income for Senior Parents through REI

[Anya Stewart]

Hi! So excited to be a part of this community. 

I am planning to move my parents to the US soon within the next 1-2 years. 

I have good chunk of cash to work with and I am trying to think of passive income strategies for them. Passive for them, because they will be adjusting to the life in new country and advancing their English (at beginner/intermediate level now). They are in their "young" 60s, I can see them working part-time eventually to integrate better and contribute to the local community. I live in LA, so I will be moving them somewhere here. It also has to be passive for me (eventually), because I actually like my current W-2 job and would want to stay with it. 

I have been doing a bunch of research and I realize that I need to focus on Multi-Family properties that could bring the highest cash-on-cash flow. Which is sadly impossible in California. Would that be the right to try and find something out of state in that case? 

I am a very beginner in real estate, I don't even own my own home. So I would want to start small first, let's say put down 30k, see how it all works and then buy more / pay down the loan. Hope to find smth with at least 10%Coc. 

I've been doing research on best states to invest, companies like Rent to Retirement, started talking to some realtors, but not set yet on the best way to proceed. 

Would love to hear any thoughts on this. 

Thank you, 

Anya

[Joseph Crunkilton]

Hi Anya, 

I've used RTR as well and had a good experience. Just a heads up, no REI is passive unless you're doing REIT's. There's always a bit of work on your end although RTR makes the process smooth.

I bought my first property for 20k down. 30k is close to enough to get you into one. I bought it right out of school while living in a small apartment. You don't need to be an expert, the best teacher is firsthand experience.

Let me know if I can answer any questions!

@Zach Lemaster