Updated over 6 years ago on . Most recent reply
Primary residence strategy
Hi everyone,
I live in San Diego. I own my primary residence and I am just getting started in real estate investing.
My parents are about to retire. They didn't save anything for retirement and will be living off SS checks. They owe 375000 on their home and its worth about 600000. I have been talking to them about buying their house for what they owe, selling my house and building a granny flat on their property for them to live in. I would be using the 100k from the sell of my house to build to granny flat. This plan would allow them to retire without worrying about so many bills. I then could get a HELOC and utilize that to begin my real estate investing plans.
I just want to ask everyone what they think of this plan?
Their home had burned down and rebuild in 2014. So the house is all brand new.
Does this sound good?
Most Popular Reply
@Philip Claessens hello, I always admire people trying to help their parents out in any way later in life. That said, what about having them borrow that 100k in equity against their home to build that ADU. Once its built, they can move into it and rent out the front house which should take care of most if not the entire mortgage. May not be the idea that you are looking for but, an idea. Best of luck.
- Twana Rasoul
