20 years old need some advice !

5 Replies

Hey guys I'm Nick. I'm 20 years old living in Westchester County, NY. I currently live at home but am very eager to start investing/buying property/starting passive income at a young age. I live with my father in a multi family home which he owns, but he wants to sell it soon and move down to Florida. This leaves me needing to find a place. I have money saved, enough to put a good down payment on a condo/house. I was looking into co-ops, but they need 3 years of tax returns which I don't have because I've only been working on the books for about 6 months. I would love some advice. I was thinking to buy a multi family, live in the smallest apartment and rent the other one/two. Ether that or buying a small house that needs work, fixing it up over a few years and selling for a profit. If anyone has any advice for me I would more than appreciate it !! Thanks..
Originally posted by @Jerome Lanier :

Hi Nick, seeing as how your father is looking to sell do you think you can work something out to buy that property from him? 

 Exactly was I was thinking Jerome. Nick, I would talk to your dad and ask him if he would even consider letting you keep the house and you could rent it out. I'm sure there are people that are probably looking for a roommate and would be willing to lease out a room. If you do your calculations, you will be able to pay the mortgage if there is one, put some extra money in yours and your dad's pockets and help someone that is looking to lease a room. 

Is the house free and clear or mortgaged? There are more options that one with this property. Speak with your dad asap!

M.L.S.

Nick, I agree with both Jerome and Marvin. Is your Dad looking to sell to make a profit and move on, or just sell and be done with it? If it's to sell and be done, you could step in with your "good down payment" to give him money to walk away and then pick up making his monthly payments (if there's still a mortgage on it), especially if the units are already rented, then you add to the mix with another payment or find a roommate to share the monthly payment or better yet, have the roomie pay the bulk payment (roomie doesn't need to know how much you pay/or don't pay). You buy the house and Dad carries the note - or do a wrap-around or Sub-2 if there's still a mortgage. 

Good luck!

Sheryl

Originally posted by @Marvin Stewart :
Originally posted by @Jerome Lanier:

Hi Nick, seeing as how your father is looking to sell do you think you can work something out to buy that property from him? 

 Exactly was I was thinking Jerome. Nick, I would talk to your dad and ask him if he would even consider letting you keep the house and you could rent it out. I'm sure there are people that are probably looking for a roommate and would be willing to lease out a room. If you do your calculations, you will be able to pay the mortgage if there is one, put some extra money in yours and your dad's pockets and help someone that is looking to lease a room. 

Is the house free and clear or mortgaged? There are more options that one with this property. Speak with your dad asap!

M.L.S.

 Hello Marvin and Jerome, I appreciate the quick replies ! The house is payed off (no mortgage) and there are currently separate tenants on the first and second floors (2 rents)...  I talked to my father & he said would consider leaving me the house, the only thing is he wants to sell and use that money to help him get started down south.. He did mention leaving me one apartment which I would pay him for monthly, then he would collect the other rents as well.. Not too sure what to do here ! 

Originally posted by @Sheryl Griffin :

Nick, I agree with both Jerome and Marvin. Is your Dad looking to sell to make a profit and move on, or just sell and be done with it? If it's to sell and be done, you could step in with your "good down payment" to give him money to walk away and then pick up making his monthly payments (if there's still a mortgage on it), especially if the units are already rented, then you add to the mix with another payment or find a roommate to share the monthly payment or better yet, have the roomie pay the bulk payment (roomie doesn't need to know how much you pay/or don't pay). You buy the house and Dad carries the note - or do a wrap-around or Sub-2 if there's still a mortgage. 

Good luck!

Sheryl

 Hello Sheryl and thanks for the reply ! The house is all payed off. I like the idea of a room mate ... I would just need to hope my father would leave me the house.. Only problem is he wants to use the money from the house to help him find a place down south.. Its a bit of a difficult situation !