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Dona Cooter
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Advice for newbie

Dona Cooter
Posted Mar 5 2024, 13:32

I need some advice as a newbie investor looking for my first deal. My parents are considering selling their home of 35 years which they only have 70k remaining on their mortgage. I hate to see them lose all of that equity, and I also have sentimental value in the home. Would it be better to do a sub-to and take over their existing mortgage and rate OR get a PML? The home needs LOTS of updating and some repairs. I was thinking I could potentially do a BRRR and keep them as renters until they are ready to move to a new location? Again, I'm very new. Still learning what I can and have not done any deals yet.

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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
ModeratorReplied Mar 6 2024, 05:26
Quote from @Dona Cooter:

Why would they lose equity? They put it on the market at current rates and they'll make a great return.

If you want to keep the home for yourself, pay them a fair price for it with a small discount since REALTORS aren't needed (maybe 10%).

  • Property Manager Wyoming (#12599)

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