All Forum Posts by: Evan Corsolini

My parents are looking to downsize in the near future and I am wondering if there is a way for both of us to benefit. 

I have been looking into information on subject to and seller financing and have a broad understanding of the concepts but am wondering if anyone can tell me if my idea is even feasible. 

I moved into this house with my family in 2006, so I know the home is solid and in a desirable neighborhood with good schools. They refinanced their mortgage in 2021 at 2.85% and have a current monthly payment of around $900, overall balance about $200K. The house is worth between $500-550K and property taxes are about $12.5K annually. Based on my market research, it would rent for $3-3.5K, so there could still be some cash flow to be had even with taxes being absurd. 

Is there a way to use creative financing to make this situation mutually beneficial for me and my parents - take over their mortgage payment at an awesome rate, pay whatever extra interest we agree on and then rent it out? They get monthly passive income rather than a lump sum that is taxed and I can also make cash flow by turning it into a rental. And can this work with so much equity already in the home or is that just something you work into the terms of the deal? 

@JooYung Choi I decided to keep the property for now. I think it's definitely a better long term move. I have looked into HELOC'S out of curiosity. BRRRR is definitely a strategy I am a fan of, just have to prioritize getting a larger personal residence in the next year or so, then that's definitely an option. Do you have a lot of experience with BRRRR?

Hey everybody! Looking for any advice, insight or strategy to launch into REI. Our goal is to have enough semi-passive income to be able to home school our son from first grade on if we decide to (2030).

Currently living in a SFH for just over 2 years with my wife, 2 month old son and 2 dogs. The house is small for us, 2bd/1bth, 1100 sqft, so we need more room. We have 60-80K equity, only about 5K saved that is liquid, and right now are saving between $500-1000/month.

Our current mortgage is $1300 at 3.5% and we can probably get $1800-1900/month at most if we turned it into a long term rental(would probably need some minor rehab to get that), so cash flow could theoretically be $175-325/month if we made it a LTR.

Debating between

• Purchase another SFH with FHA and keep current as rental
• Sell current home to finance SFH purchase with intent to live and flip/BRRRR

If we sold our current home, the profits would likely be enough to fund the down payment, pay for rehab costs and possibly have extra money for a future property. If we kept it as a rental then we wouldn’t have those funds and would need to save for likely 6+ months, but we could have some cash flow and all the other benefits of a rental property.

I am looking to gain as much momentum as possible with this first move and then scale quickly with the minimal cash we have. Which option would be best to help me achieve our goal by 2030?

 Thanks for commenting and connecting me, I really appreciate it! If I ever come to the city I will take you up on that offer. 

I am just getting started investing in real estate and am looking for a meetup/group to network and learn with that is somewhat close to the Crystal Lake Illinois area (McHenry County). Does anyone knows of any in the area? I'd really appreciate it!