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Updated 9 months ago on . Most recent reply

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6
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David Nunn
1
Votes |
6
Posts

Advice Needed! Good Deal, Wrong Time?

David Nunn
Posted

Hello.  My Dad wants to sell me one of his rental properties.   It seems like a great deal in the long term, but will be very difficult/expensive to make it cash flow for the first couple of years.  I recently lost my job, have about $150k in cash to invest, have a few cash flowing rental properties, and really want to use the $150 to maximize cash flow so I can avoid a regular job and focus on real estate and starting a new business. 

Home Value: $425-435k.  Sell for $400k, he'll carry $100k of that interest only, and gift 10k/year for 10 years.

I really don't want to pass this up, but putting in the amount of money needed for a tiny bit of cash flow, or losing money each month for a couple years would risk running out of money and pushing me back to a regular job.

Would you pass on it?  Any creative ways to pull this off?  It's a family thing, so bringing in a partner would not be an option.

Thanks!!

  Dave

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