All Forum Posts by: Account Closed

@Account Closed

BP is a treasure chest full of resources. You will find resources here from blogs to pod casts and forums. You can also send messages to members which is my favorite part of the website.

Nick, I agree with both Jerome and Marvin. Is your Dad looking to sell to make a profit and move on, or just sell and be done with it? If it's to sell and be done, you could step in with your "good down payment" to give him money to walk away and then pick up making his monthly payments (if there's still a mortgage on it), especially if the units are already rented, then you add to the mix with another payment or find a roommate to share the monthly payment or better yet, have the roomie pay the bulk payment (roomie doesn't need to know how much you pay/or don't pay). You buy the house and Dad carries the note - or do a wrap-around or Sub-2 if there's still a mortgage. 

Good luck!

Sheryl

 Exactly was I was thinking Jerome. Nick, I would talk to your dad and ask him if he would even consider letting you keep the house and you could rent it out. I'm sure there are people that are probably looking for a roommate and would be willing to lease out a room. If you do your calculations, you will be able to pay the mortgage if there is one, put some extra money in yours and your dad's pockets and help someone that is looking to lease a room. 

Is the house free and clear or mortgaged? There are more options that one with this property. Speak with your dad asap!

M.L.S.

@Account Closed

Welcome to Biggerpockets. Great to have you here. You've got a great plan and future ahead of you with REI. Just keep learning and networking, you'll soon land your first deal. Good luck

 Hey Nicholas, welcome to BP!. It sounds like you have a great mentor in your father. You are way ahead of the game getting started early. Here is some great information that I simply cut and pasted from the "Learn" tab above to get you off to a great start. 

Enjoy!

What to do First As a New Investor:

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