All Forum Posts by: Andy Park

Hello!

My family has recently have been notified that we qualify for almost 500k for a real estate equity investment for a house we own. After getting more information, there are zero payments and zero "interest". Only thing is that we have to pay loan origination and closing costs. Additionally, we have to pay back the loan/investment back when we sell the property. We have to pay somewhere between 17-19% of how much the property appreciates. This sounds too good to be true! Are there can catches or pitfalls? If anyone has any experience with working with this and can share their input, that would would be greatly appreciated.

Thank you!

@Miron Briley Thank you!!!

@Dan Sheeks I read the article, thank you! I will reach out if I have any questions 

@Stephen Brown got it, thank you!

@Katie Phillips , thank you for the advice 

@Jody Sperling got it. Thank you!

I am currently a high school senior in Georgia about to graduate. I came into high school with the goal of being in a position where I have enough cash to buy my first investment property when I turn 18 (I turn 18 in August). Through working, investing in stocks, and saving absolutely everything, I am in a position where I have a good amount to work with (a downpayment of 100k-150k, but depending on the opportunity more can be scraped up). I have been discussing this for years with my parents, and my dad has agreed to cosign for a loan (he has a credit score of over 800). As of now, I realized the next step for me is getting preapproved for a loan. Should I wait until I am 18 to talk to lenders? Even if I have a cosigner with excellent credit, will I still have great difficultly in getting preapproved due to my short credit history and age? I am all ears to any advice and suggestions for the next steps in my real estate journey. 

Thank you,

Andy Park

@Georgui Kasaev thank you!

@Michael Dumler thank you for the advice!

@Koob Moua got it, thank you!
@Koob Moua