Primary residence strategy

[Philip Claessens]

Hi everyone,

I live in San Diego. I own my primary residence and I am just getting started in real estate investing.

My parents are about to retire. They didn't save anything for retirement and will be living off SS checks. They owe 375000 on their home and its worth about 600000. I have been talking to them about buying their house for what they owe, selling my house and building a granny flat on their property for them to live in. I would be using the 100k from the sell of my house to build to granny flat. This plan would allow them to retire without worrying about so many bills. I then could get a HELOC and utilize that to begin my real estate investing plans.

I just want to ask everyone what they think of this plan?

Their home had burned down and rebuild in 2014. So the house is all brand new.

Does this sound good?