How to maximize my money!

4 Replies

I bought a duplex with the help of my stepmom! The price of the duplex was somewhere in the range of $7000. The deal I have with my stepmom is Ive got to give her $550 a/month for 5 years. I’ve got to use my own money to fix up the property too! She also informed me that the if I give her a lump sum of $20,000, that will satisfy what I owe to her. So I want to know when I refinance I’ll receive in the range of $30,000 -$40,000. Should I just give her the $20,000, or just use the money to buy another duplex?

Well, sounds like a great deal for your stepmom, but I'm failing to see how it's a good deal for you any way you slice it. If you have the $20K, why didn't you just buy the $7K duplex yourself? 

Quwan Booker, ah ok, I see. Well if you have the $20K now, I'd pay off your stepmom as that's cheaper than the $33K she'd get over 5 years and chalk it up to a very expensive lesson. I also hope you have all your agreements in writing...

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