Getting started with $220,000 equity

[John Saravia]

Hey Bigger Pockets community, 

I need some advice on what I can do to get started. This is a unique situation, breaking it down, my dad purchased home in the Norfolk, VA area over 5 years ago for $49,000 cash. Covid came and he fell on hard times but the home has grown to be valued at $130,000 as is. The home needs work, but I think that repaired it could go for $210-220k.

My fathers not English speaking and I’m helping him out to do the best thing possible to set himself up, I’ve been deeply interested in helping him do something, but it’s not until now that he is actually wanting to make a move. He’s got about $20,000 in personal debt and the home could probably need $20,000 of work. He would want to reinvest the profit and start something where he could flip more properties or secure tenants.

You guys have experience, you’ve done it many times and have maybe even been in a similar situation yourselves. If there’s any advice you could give on how to navigate the wants and needs of this situation I am deeply invested in listening, understanding, learning, and acting. I’m 22 years old and my fathers approaching 60 soon, I want his retirement years to be relaxing and I really want to grow what wealth he has to sustain him as I build my foundation and of course it would be nice to use the platform he’s laid to help me and my younger brother succeed further down the line. Thank you for listening and thank you for your time and support.