How to buy in a expensive market

[Elias Munoz]

My wife and I are planning to buy a house in our market which is really expensive. We're trying to figure how can we afford it. Her dad owns 2 houses here in this town. One is half paid off and the second one still has a ways to go but his tenants pay the mortgage. First one is worth around 900 thousand and second one he got a appraisal and it came out to be 1.2 million. Houses in our market go for 600k and up. We're in the process getting pre approve cause we been seeing some good ones pop up lately and want to be ready to pull the trigger and having a chance on buying one. Our plan is to do the BRRRR. We're trying to figure out how we could make it work with his 2 houses. A deal we could do with him. Any ideas? Advice?

[Allen Maris]

What does her dad's properties have to do with your living situation? Is he willing to sell or somehow help using his? Can he do an equity line or cash our refi, take some of the cash and put it into a property with you? It's pretty near impossible to make a property cash flow positive in SBC without putting a ton of money into it. And then you will be getting zero return on that large down payment. IF the market takes a dive in the near future, you may get a chance. Don't rush into anything. Let the market and economy figure itself out over the next few months. If you rush in and things get back in 6 months because foreclose forbearance has lapsed and more businesses keep going under, we could be in a bad spot. Unemployment will stay high. You don't want to be buying into that market!