Purchasing 2nd Home (Rental Property) From My Parentes

[GiaVonni Hester]

Hello All,

This is will be my first time purchasing an additional property. I am planning to purchase my parents former home. They have moved to a new home and want to sell the old one. They've rented it out before, but they no longer want the hassle of managing it, etc. I would like to purchase it from them. I am an only child, and I've grown up in the house and would like to keep it in the family and continue to use it as rental property. The home is 19 years old and is in good condition and upgraded with new appliances, etc. My parents have always rented to Military Families so they've never had any real damages that they had to be concerned about. 

With this being my first rental property and second home purchase, are there any advice or guidance you all can provide to me through this process? If all goes well, I will continue to look to purchase more rental properties. 

Any information will be helpful.

Thank you!

[Tyler Gibson]

@GiaVonni Hester

My advice would be to do the work to make sure that buying the property is a good deal. You don't want to put yourself in a position where it does not cash flow. Your post makes it seem like you have an emotional/sentimental attachment to the home. When you are investing you need to set all emotion aside. Do the numbers and see if it makes sense. Try to fiugre out how to make it a good deal for you and your parents. If you can't make it work let them sell it.