Purchasing my Parents house so they can retire

[Julio Cruz]

My siblings and I would like to purchase my parents house so they could retire. The house is in Brooklyn New York. And it’s worth about $700,000 and they owe about $230,000. I don’t have the cash the purchase it out right l. But I am looking for different ways to purchase with different financing. Or maybe private money. I would like to give them a lump sum of money while having money to fix up the property so they have a good amount of money to retire. How would you do this? Or do you think I should just let them sell it.

[Abel Curiel]

Originally posted by @Julio Cruz:

@Abel Curiel @Scott Wolf

So my biggest thing is that no it’s a three unit property written in the area is going between to 1820 500 a month if I could renovate and have all three units rented that would yield me between 5600 and say 6500 a month in rent I’m just wondering what finance options I would have in order to help my parents do bothOr should I have them stay in the bottom unit and just rip rip the up to upstairs two units.

I did not fully understand the first portion of that message but depending on location, unit size, amenities, utilities, etc., I'd say $6,500/month is a realistic rent roll.

Regarding financing, I'd recommend speaking with a lender about your parents options to cash-out refinance and get you on the loan. You can also discuss how much of a loan you'd qualify for in case you are doing a straight sale. In that case, you'd just need a RE attorney to help coordinate the purchase.