All Forum Posts by: Richard Curi

Hey everyone. Super noob here looking to pursue my real estate investing career and have already started reading more into it. If it’s not too much trouble I’d like some advice on where to start with a home that needs severe rehab. The thing is it’s my fathers house and he can no longer afford the mortgage and wants me to take over to rehab it and put it up for rent. Another thing is that it’s the house I was raised in so the property has some sentimental value and I don’t want to lose it either. Besides the rehabilitation factor would it be wise to take over payments on the home? And would I be financially be burdening myself?

Take over payments is great only if the asset you are getting has the value... simple would you take overpayments of any car ... most of the time they already owe more than is worth.... You need a contractor to know the cost of rehab, do research on the rent you can get, and contracts you need to find a local realtor. Get together with an investment group they should wide you with the professionals you need.
But Do it if you are thinking on the Real estate path, the opportunity you have is unique you will learn and hopefully keep the property as a great rental investment.

Home has been appraised for 250k and remaining balance for payoff is around 30k… I feel as though this would be considered a hidden gem and I should purchase the home and even if it’s around 30k to repair I’d still come out on top

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Miami, Florida

Quote from @Luis Maqueira:

Quote from @Richard Curi:

0 Votes

Miami, Florida

Quote from @Kathleen Osborne:

Sorry, more questions than answers...

Can you afford to have a lawyer draw up paper work to grant you ownership? If your dad needs to go on Medicaid for nursing home care in the next five years and he sells to you for under market value, the state may be able to come to you for the difference in what you assume verses market value at time of assuming ownership. If you rehab, keep every single receipt to prove improvements made with your money.

https://www.medicaidplanningas...

Good luck. I ended up buying my parents home from the estate after they both passed away. I spent about $3,500 in some rehab and rented it out for five years. I sold last year and used the proceeds to buy a triplex.

Good luck.

Yes I can afford the lawyer but I don’t think he will be on Medicaid, I just want a smooth transition because when I say severe rehab Ali mean SEVERE REHAB need to be done to get the property rentable

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Miami, Florida

Quote from @Jamaal Taylor:

More info needed to assess the situation. Can you handle a reno? Small, medium, or lite reno? How would you finance the reno? Are you planning on filing any documentation like subject 2? What will the property rent for once fixed? Are You Single or do you have a family.

I have a family and as per my father he believes I can pull out some equity to help with the rehab and once fixed around $1800+

0 Votes

Miami, Florida

1 Vote

Miami, Florida

All Forum Posts by: Richard Curi

Richard Curi has started 1 posts and replied 5 times.

Post: Taking over payments

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