Updated over 8 years ago on . Most recent reply
Which is better? Asking family member for down payment help vs.
Which is better? Asking close willing and wealthy family member for down payment help vs. asking them to buy property for cash and become the bank?
I am planning to invest in my first house hack property. I have about $150k cash and looking to invest in Texas (Houston/Dallas) or Bay Area. I am planning to buy a business and/or go to grad school as well but also want to house hack so I am looking to borrow from family. I'm not sure if it is worth it to borrow from family to save on closing costs or for other reasons or to just buy the property myself. Can I generate enough cash flow to pay for grad school in full every quarter/semester (medical school or business school) if I house hack? I basically want to live and pay for graduate school for free if possible with 150k invested in real estate but I don't know if that is possible right now in either Texas or California.
What would you do if you had a close wealthy family member who verbally said yes to helping you buy the whole property for cash and be the bank? I am 25 y/o college graduate and may pursue grad school as well.