Help my parents out no money 2 properties owned

1 Reply

Hi, #1 I am a new investor but my parents own 1 house that was inherited for years and just pay taxes on but they don’t live there and needs work but they have no money to pay for it. #2 they own the house out right that I grew up in since I was a child my grandfather paid cash for it so they never had a mortgage but it’s a 2 family home with no Tenant upstairs and no money to fix upstairs up to be livable. MY QUESTION IS how can we accomplish getting them money to fix these 2 places up to bring them cash flow on renting them out with no money? I’ve researched the no money down game a lot but I wanted some expert opinions on what I should have them do.

Sell the SFR as-is and use the proceeds to fix up the vacant unit in the duplex.

Sell both and move into a place that doesn't need work and fits their budget.

Getting a loan would be the other option. Such as doing a cash out refi on one of the two properties. Easier and maybe a higher LTV on the duplex they're living in. Can they qualify? That is, is their credit good enough and do they have income?

Some other source of a loan.

Sell something, such as cars or personal possessions.

Do a shared equity deal with a fix and flipper.  That is, agree with a fix and flipper that the fix and flipper will fix up the place at their expense, sell it, and then the fix and flipper will split the profits with your parents.

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