All Forum Posts by: Michael Russell

That makes a lot of sense. This property would be a single family rent by the room property. This is the type of deal I am looking for. 

My relative is retired and is just wanting to help me out. That being said, I would like to have a couple of options to present to him about repayment. Is paying him monthly a good option? Should he have equity ownership of the property? 

Because of my current income, I believe I would have to have him co-borrower with me on the loan. If I can get a place that I can afford on my own, I would prefer that and see about doing a gift of equity. And yes the down payment from him would be cash. 

Hello all,

For my first deal, I will be partnering with a relative who will bring the financing while I manage and do all the ground work. He willing to let me use his money at no interest, and I am looking for some good ways to structure repayment to him.

Hello all,

So I have a possible property I might buy from a relative. The property is worth about 400k, but he is willing it to me for 300k. He bought the property 10 years for 215K, and with loan pay down over the years he could stand to make about 100k off of this sale.

Because the loan I would get of 300k is less than 80% of the total value of the house, does that mean I would not have to put a down payment on the loan?

Thank you all for the advice! As I am doing more research into the cost of this project, this might be too big of project for me to start out with. I'll keep looking that next good deal! Thank you again. 

Hello all,

I am a new investor looking for my first property; I am looking to do a combination of BRRRR and house hack.

I have found a triplex in my area of Stockton. Unfortunately, it was damaged in a fire, and two of the three units have been striped down to the studs while the one unit is still tenant occupied.  In order for those units to be livable, they need everything from drywall to kitchen cabinets to bath tubs.

2 units are 900 sq ft with 2 beds and 1 bath each. These were the units damaged and need total rehab.

1 unit is 1100 with 3 beds and 2 baths.

What do you estimate the cost would be to rehab those 2 900 sq ft units?

Thank you for the advice!

Hello all,

I am 22, and I am just starting out the in the real estate investing game. My goal is to buy multi-family homes and rent them out. Because of the area I am in and the income I am making, all multifamily home are too expensive for me to get the necessary loan for. I just got qualified for 250k, but the majority of duplexes in my area run for 315k-400k. If I co-borrowed with a family member I know I could get the necessary loan amount. Is that a good idea? Or do you think I should start off solo, buy a condo or an apartment, and rent it out?