Might need a creative solution for Son and Daugter-in-Law in DFW

[John Fierke]

Our son and daughter-in-law are currently living in a paid-for trailer in Ft. Worth, TX but they are getting eaten alive by land rental, taxes, utilities, etc. Their roof is in need of an expensive repair and I think they and we are ready to get the heck out and find something much more dependable and sound. They have an interested buyer so might take him up on it. I don't see any way they can pivot and use where they're living to their advantage - but I am a complete novice.

These two people are great and we see the huge potential that real estate investing holds and we're in a decent financial position to help (and we WANT to help we just need guidance in how). We live in Missouri now but lived in Dallas for 20 years so we're familiar with the areas and might have a connection or two - we're just not nearby now. Our son is currently working 6 days a week at a storage facility as general manager and has also worked as a customer service rep for a couple of years at chewy.com. His wife continues to be told that she's either not qualified or over-qualified for everything she's been applying for. I think either or both of them would do very well hiring on with a local (or remote) real estate investor, learning the ropes while doing leg work, making calls, etc.

What can we/they look into that would not rock their boat but allow them to move into something more stable, most likely being able to house hack. A duplex or triplex might be the right fit. The trick here is mostly financial. I have heard endlessly about getting creative, etc. but now that it involves me and my family my mind can't make sense of anything.

Thanks a ton in advance,

John

(For those familiar with the area they live near Hwy 30 & 820)

[Deandre P.]

I think house hacking would be the best solution. First step if for your son and daughter in law to talk with a lender to see what they can get prequalified for. If they cannot get qualified on their own, explore the option of you and your wife getting on the loan with them to help them get approved (assuming yall are willingly). FHA would likely be their best option, as it will allow for a lower down payment (3.5%). Then if they can find a duplex/triplex and sell their trailer to put towards their down payment. Again, assuming yall are willingly you can help assist with the down payment/closing in the form of a gift.