Updated over 8 years ago on . Most recent reply
How feasible is this method of financing?
I am currently starting out getting involved in the real estate world. I am seeking funding and one option I have is I currently live in a reversed-mortgaged family members home. I plan to purchase the home from them, and they agreed to split majority of the profit with me.
After all is said and done, I would walk away with $120,000, paying at most $1,000 after splitting the payment with the person I am living with.
I work full time - but dont want to spend my 'actual' money. I want to reinvest the $120,000 but I am afraid that I wont be able to recover the $1,000, plus whatever mortgage I may have and profit after CapEx and other variable costs.
Essentially, I need to understand if this is an opportunity I should take or something I should reconsider.