Updated about 19 hours ago on . Most recent reply
Parental Financing Question
Hello BP community, quick question,
Is it a bad idea to ask my parents for down payment funding for my first rental property? In the Virginia Beach Market, I do not have enough money alone for a 20-30% down payment on a rental property. I do know, however, that my parents have the funds to make the extra payment towards a down payment and get me moving on my first property. Although I do not want to be disrespectful and put them in a bad situation.
Does anyone have experience in a situation like this, of asking parents to lend money, especially for their first property? Any advice will be greatly appreciated!
Most Popular Reply
I'm in Virginia beach and can under write this deal for you to tell you if it's a deal. That way you have actual stats to go them with. If this deal doesn't work out then at least you have opened the door to having that conversation with them and making it easier for you for future properties.