Need advice with next steps

Need advice with next steps

Member since 2019 · 9 posts · 4 votes

Ive been living with my elderly mother for awhile in her house to help her with her with bills. I feel it's time for me to leave now so I can start my life. I'm looking for places to move but I can't help but think what my mother is going to do when I move out. She still owes over $40,000 on it and has equity that's way more than she still owes on it. I've been interested in getting into real estate and think my mom's house would be a good start (it has over an acre of land, in a good neighborhood and fixing it up won't outweigh profit, if I ever wanted to sell it). I'm trying to come up with a win-win situation where she can live  there and  I can start my journey in real estate by her renting it from me; it's just an idea. I know it's a process but I want solid advice on what I should do.

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  • Real Estate Broker · Forney, TX · Member since 2019 · 1k+ posts · 399 votes
    6y

    Welcome to BiggerPockets! Truly nice to meet you. I wish you much success in 2020!! If you can get to a win-win with you mother, I think it could work. Plus, it could give an opportunity to update the house for your mother and value for you. Plus maybe you can trust your mother to not trash the place. Get active in the forums and network. I would suggest listening to the webinar/blog. Network, Network, Network!!

  • Rental Property Investor · Logan, UT · Member since 2017 · 47 posts · 19 votes
    6y

    @Kelsey Witherspoon

    If I understand this right. Maybe you could get a HELOC on her house, use that to invest in a property that could be used as a BRRR strategy or a type of rental property that could help with positive cash flow.

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