All Forum Posts by: Kyle Williams

Hello,

My parents recently were foreclosed on and lost their house.  They currently are living with my brother in a small one bedroom townhome.  I've always wanted to get into real estate investing myself and am considering making a leap within the next 6-12 months.  I'd have to save up a bit for a down payment.

I am curious what others' opinions are on an idea I had. I am a complete newbie (keep this in mind) and I was thinking of purchasing a multifamily (1-3 unit) home near where they both work in a downtown part of a Chicago Suburb. I'd have my parents as one tenant (I could live with them as well if I decide too, could this help in an FHA loan?). But the other units I would rent out. I'd be looking to do a house hack, renovating the entire building while my parents (+ myself?) live in one of the units- Preferably, the one that needs the most updating. As the others would be in a decent enough shape to currently lease out. I'd actually be looking for places that already had tenants in place. I'd hope to rehab the unit that my parents live in (+ myself?) and as the other unit's leases come to an end if the first rehab finishes we could move on to the next unit. Just do it one unit at a time, until all are finished.

My only hold back on this is having my parents as tenants.  Can I trust them? Would I be able to actually treat them as tenants or would I let a late rent payment (paying bills on time obviously was an issue for them, hence a couple foreclosures in their past) slide here and there?  My father is quite the handyman so I would be relying on him anyhow for a majority of the expertise in fixing the place up.  I figured if their rent was low (say half price what it should be?) then they should be able to afford it.

Thoughts?

I'd appreciate any feedback as I just want to get a general opinion on the idea as a whole. THANKS! 

Hello All,

I am new to the site and am actually looking to splash into the Real Estate Investing sector.  Not exactly sure how or what I'll be doing but that is why I am here.  To find out.  I am looking to connect with others and try and learn from what they have been doing.  Feel free to connect if you would like to help me in my quest!

Thanks

Kyle