Convince Parents To Invest

[James DuBois]

Hey all,

I have been looking for the past 6 - 8 months at properties, reading books and listening to podcasts. I believe I am ready to buy my first investment property(Multifamily HouseHack). I am already pre-approved for a renovation loan. One problem, I am having trouble coming up with the down payment/closing costs. I've been focusing the money that I would be using for investing to pay off credit cards from school as I graduated 8 - 9 months ago and have been working as a Software Developer ever since. I can afford a mortgage no problem as I get paid well for my career. I cant afford the down payment/closing costs currently because I want to get out of credit card debt. But the way I see is I'm paying rent regardless, but wouldn't it be nice to have the chance to live for free?

My question is how can I convince my parents to pay for the downpayment and closing costs and i pay the monthly mortgage and manage the tenants? My dad is a businessman so he would need numbers to make sure it's a good investment. What kind of deal do you think I could come up with so its a win win? My loan, their downpayment and closing costs and then I would manage the property. In what way could I swing the deal to make it worth my parents time and money to help me out? And how could I swing the deal in the way to make my parents monthly payments to pay them back for the down payment/closing costs?

Thanks!