To help a friend - First deal?

[David Adler]

Hi BP,

I am looking for my first deal and here at my current job I have a very close friend who lives in a 2bd 2ba apartment in San Diego. She has been wanting to move out for years now because she needs a bigger place and feels stuck with the whole process and a little tight on the $$$.

She is currently paying $1,229.49 for her mortgage (incl. taxes) and $200 more to the HOA on her property. She is looking for a 3bd in the same area.

Her current home is valued as-is at $265,000, she bought it for $259,000 and owes $156,000 to the bank.

Is there an opportunity here for her and me? Could I help her get the bigger place she wants while making this my first (profitable) investment deal?

Thanks!

D.

[Wayne Brooks]

How would you expect to profit from your 'close friend" without taking money out of her pocket. If she wants a bigger place, and can afford it, she needs to sell this place at full value, then buy the larger place. If your numbers are correct she's got about $100k equity.