Possibly investing soon

[Fatima Varner]

Hi! I’m new to bigger pockets although I have watched many of their videos on YouTube. I’ve been interested in buying rental property for a few years but suddenly have a possibility to buy my parents’ rental property. I would have to move quickly though so have joined to make sure that I am making the right choice and am considering the best financing options. I’m feeling a little overwhelmed as it would be an out of state sale and I have to decide very quickly so decided to join here to find guidance. 

[Scott E.]

Please share some more detail about this opportunity and we'll be able to better guide you..

1. What market is the property in?

2. What price would you pay for the property?

3. What is the appraised value of the property? (are your parents giving you a deal?)

4. What is the current condition of the home?

5. What I the current rent rate? Is it at or below market rents?

6. What are the terms of the current lease?

7. How much money do you have to put down?