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Updated over 6 years ago, 07/20/2018

User Stats

43
Posts
24
Votes
Russell Lavoie
  • Investor
  • New Bedford, MA
24
Votes |
43
Posts

Best step to take with a tremendous opportunity.

Russell Lavoie
  • Investor
  • New Bedford, MA
Posted

Hey BP I've come across what I would think is an amazing opportunity. My uncle owns a property free and clear minus the estimated 24000 in back taxes. He needs to cash out to retire a little early because he is now on dialysis. I know this property inside and out it needs a bunch of work but I think I can purchase it as my primary residence it with about 75,000 in equity while still helping my uncle get rid of what is a liability to him. I own a 3 family investment property that I self manage and house hack. I was thinking of mailing to 3 family homes in the nicer area that are off market and try to buy the best of the bunch and then BRRR it. I'm wondering if all of you amazingly helpful and smart people out there have any advice on this or maybe another strategy to best utilize the equity in the case I am fortunate enough to be able to help my uncle out and ramp up my business at the same time. Thank you in advance!!

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