Opportunity, or not?
Hello everyone! I'm a new member looking for advice about an opportunity I've been given.
Due to my new job at a large mortgage lender, I started listening to BiggerPockets to familiarize myself with the real estate industry (math major, light underwriting experience, started with no real estate knowledge whatsoever). After 40-50 episodes, I decided I needed to read Rich Dad Poor Dad, The Richest Man in Babylon, etc. and also decided to give real estate investing a try.
My parents have fully owned a home in a more rural area of Southern California (imagine that Victorville is the closest "large city") for the past six years. It turns out, they want to move to somewhere more like Orange County and (when I asked hypothetically), offered to use the money from the sale of the house for a down payment on a 3- or 4-plex (or multifamily) so that I can get started in investing while they live in one of the units.
Is this a good idea? Any thoughts about business with parents/relatives?