Help my 17 YO son buy a rental
Hello investors, I have a question about how to help my son purchase his first property. He is very ambitious and has watched how real estate investing has allowed me to become financially independent. He's hooked and wants to jump in.
I typically purchase properties at auction either using my own cash or hard money. Then by refinancing I'm able to get the property for only the cost of rehab plus any realtor commission. A few times by collecting first, last and a deposit from my tenants I pay back all the rehab expenses as well.
My son has been working hard and has enough capital saved up to buy his first rental using that BRRR method.
My question is, how can he do it at age 17? He wants to use the income to put himself through college. We want it to be truly his property from a tax perspective and mortgage perspective. I can front him a short term hard money loan but I can't get another conforming mortgage.
We live in Washington state.
Anyone have any creative ideas?
Todd Young