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Updated almost 3 years ago on . Most recent reply

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Need advice on unique financial situation

Jessica Hamilton
Posted

My mother in law is getting an inheritance of 80k. We would like to use this money to start flipping houses to grow that wealth. The thing is, she has bad credit & old debt that she has yet to pay off, and she doesn't have a job and I don't have faith she will get one, so she's thinking about putting the inheritance in her son's (my boyfriend's) name. How would we go about getting a loan ? 80k isnt enough for any house here, and we would like to put as little money down if possible just to be safe and make sure we still have a bit of a lump sum. My boyfriend has no credit, no experience with real estate. We are worried & lost please send guidance lol we're only 20 and 21 years old. Im trying to get educated but im so confused and its really hard to know what to do for our specific situation. 

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Andrew Postell
#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Lender
  • Fort Worth, TX
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Andrew Postell
#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Lender
  • Fort Worth, TX
Replied

@Jessica Hamilton lots of things to cover here.  Have the two of you thought about buying your own primary home first?  Do either of your work currently?  The biggest thing I would tell you to do is get educated and talk to other investors in your area.  You can learn a LOT for free.  And networking in person with other investors is never a bad idea - also free.  So you can build that foundation to get started.  That's my suggestion.

  • Andrew Postell
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