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Updated almost 9 years ago on . Most recent reply

User Stats

89
Posts
39
Votes
Yousef Reda
  • Investor
  • Winnipeg, Manitoba
39
Votes |
89
Posts

Should I buy a rental investment property for my brothers

Yousef Reda
  • Investor
  • Winnipeg, Manitoba
Posted

Hi my 2 brothers is currently renting and paying 1500$/month in a property owned by someone else. He has bad credit. I thought maybe I should get the benefit by investing in a property that he can live in and pay rent to me instead of some other random person. 

Is this a good idea? Or should I buy a rental property from a non family member. 

I know he will be consistant in payments. One thing is one of my brother is not the best with keeping things maintained. The other brother is a plumber so would fix issues on his own anyways. 

Most Popular Reply

User Stats

276
Posts
110
Votes
Mags S.
  • Rental Property Investor
  • Phila, Pa
110
Votes |
276
Posts
Mags S.
  • Rental Property Investor
  • Phila, Pa
Replied

You should only buy a rental property for your own reasons, not for others.

I think it is a very bad idea to purchase a rental property and *expect* your relatives to pay you rent.  Although it sounds logical that if someone is paying rent to someone else, they would pay to me.  How would your relationship with your relatives be when you had to evict them because they didn't pay you their rent and your mortgage payment is due/overdue?  

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