Purchasing my Parents house so they can retire
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.
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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.
- Abel Curiel
