Hey everyone, so it's been a little over a month since I first read Millionaire Fastlane and then the newest Unscripted shortly thereafter. Needless to say mind blown, perception changed forever I could go on... Having serious trouble finding and landing on a market/idea to just dive headfirst into and doing my fair share of action faking and researching my research in circles and never actually doing anything. That's besides the point.. Back to the reason for this post.
So a family member of mine owns a two family house that has been in the family for two generations. Upstairs tenant is moving out end of this month. Downstairs tenant is my uncle. Both units are 2 bed 1 bath. As far as I know they only charge $850 for rent. In the location the house is they could easily be charging double.
We haven't sat down and talked numbers yet but it was eluded to that I would get the family discount, whatever that means. I know they still owe about 70k on the mortgage and they at least want to get that paid off. the house is estimated to be work 500k and then some. Not sure how much they'd ask for the house if I wanted to buy but it sounded like I could get it for potentially hundreds of thousands under the estimated price.
The tough part is, they want to keep the house in the family so it's not something I could purchase cheap and turn around a flip and feel good about doing. Also the trouble of my uncle living in one of the units. He's lived there my entire life and I don't anticipate him moving any time soon which isn't a problem but it's an awkward situation with the rent he pays vs the rent I could be charging.
Is this a potential great purchase or a headache and parasitic debt monster in disguise? I currently rent an apartment and own no properties. I realize this isn't exactly a the fast lane to wealth but it's an interesting opportunity that I wanted to get some extra input on whether or not it would be worth my time and money?
So a family member of mine owns a two family house that has been in the family for two generations. Upstairs tenant is moving out end of this month. Downstairs tenant is my uncle. Both units are 2 bed 1 bath. As far as I know they only charge $850 for rent. In the location the house is they could easily be charging double.
We haven't sat down and talked numbers yet but it was eluded to that I would get the family discount, whatever that means. I know they still owe about 70k on the mortgage and they at least want to get that paid off. the house is estimated to be work 500k and then some. Not sure how much they'd ask for the house if I wanted to buy but it sounded like I could get it for potentially hundreds of thousands under the estimated price.
The tough part is, they want to keep the house in the family so it's not something I could purchase cheap and turn around a flip and feel good about doing. Also the trouble of my uncle living in one of the units. He's lived there my entire life and I don't anticipate him moving any time soon which isn't a problem but it's an awkward situation with the rent he pays vs the rent I could be charging.
Is this a potential great purchase or a headache and parasitic debt monster in disguise? I currently rent an apartment and own no properties. I realize this isn't exactly a the fast lane to wealth but it's an interesting opportunity that I wanted to get some extra input on whether or not it would be worth my time and money?
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