I am so excited to take the plunge into real estate investing, and I feel like I have a good opportunity with my dad. I just don’t want to mess anything up, but I read over and over again to just jump in.
My situation, i am renting right now with almost no savings and paying off debts incurred from a couple cross country moves chasing jobs. I’m done with that! My dad wants to help us out by potentially buying a single family house or townhouse for us to live in while we save up.
He’s not wanting to make a ton of money, and I want to make the most out of this possibility- how can I make sure he still gets a good investment out of this and how can I turn this into an opportunity for me to start off? Should we go in as partners on a duplex/house hack? Any input would help!
We are in the Salt Lake City area.
I think a house hack is a great idea! You could find something like a Multi Family or a mother-in-law that would cashflow. You could pay him let’s say $200 over his mortgage so that he is making some money. Rent the in law or second unit and pay most of the mortgage with it so you can save substantially more. When you save up enough money, you can buy your own house and house hack again and your dad can turn that into a long-term investment with great positive cash flow renting both levels/ units.