Advice? Buying my parents’ St Pete, Fl home

[Beryl Colbert]

Hi! I need some advice. My parents are planning to sell their home in St. Pete, Fl. This house is a GEM in a great neighborhood where homes are consistently going up in value. Starbucks, marina, lots of activities, etc nearby. I’m a bit bummed but I understand that based on the equity and value it can set them up nicely to retire back in our home town in GA. We have been trying to think of ways to keep it while still setting them up in a good position for the future. The main challenge here is making sure they have enough cash in hand at sale to pay off a few things and settle into their new home in GA. I don’t have enough cash in hand nor do I live in FL currently so it wouldn’t be my primary residence. Any thoughts how we could get creative and keep the home in the family? Thank you all I’m advance. 

[Doug Spence]

Does your dad still have his VA entitlement? You could rent out the St Pete home, and buy the GA home zero down (using the VA loan). It really depends on what their goals are and if they want to own a property in another state.

Many people have limiting beliefs around being a landlord and "dealing with properties out of state" even though there are many ways to do that effectively and create passive income for themselves, all while keeping the property!