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Updated almost 5 years ago,
First time investor looking for advice.
So I have the opportunity to buy a family members house from them and gain some massive equity for free. We’re talking buying a $600k house for $250k. The reason being they have to much debt and would like to retire and vacation but plan on keeping the house in the family. They would travel most of the year and come back for a couple weekend every now and then. I had originally been saving up for a multi family home and was presented this deal. My main question is if I can buy this place what is a good strategy to get to my goal of buying multi family homes after I take a loan out on this place. I make roughly $80k a year and will be doing this all myself. My expenses are very low and will only be getting lower as all my debt is paid off. Thank you in advance for any advice.