Updated almost 6 years ago on . Most recent reply
new investor question.
Hi.
Im Titus. ill start off by saying i really appreciate all big pockets member. as i continues to read more about the beautiful game of real estate investment i create this account through youtube search. i cant be any happier to have this platform where people help answer helpful question.
so here we go. MY father bought a house in 2006, the house is worth more what it was back then obviously. since then he have made all his mortgage payment. his payment is still the same. 1300 plus if im not mistaken. but my dad is like the poor dad in "rich dad poor dad" book. he believes the American dream is paying your 30 years mortgage. im still living at home with them but over the years ive been reading alot and developing this real estate mind. its a great game and everyday i think about how quick i can get started. okay back to the story, two years ago i remodel their kitchen. it cost me at least 25k. with a 1300 mortgage some time he still find hard time paying. Especially when my mom work low hours during the week and i have to help out. okay done getting personal.
My plan is to take the house off his hand refinance it to lower this payment and have them pay that rent toward my new mortgage which will be lower now. but i also want that equity he has on it now. Remember this guy bought this house since 06'. so equity should be good. ill like to invest that equity into another property that i can probably house heck in. my question here is. how do we go about this? also, when he turn the house over to me. do the equity roll over too?
what do you guys also think about this idea? your opinion matters.