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Updated 5 months ago on . Most recent reply

User Stats

3
Posts
1
Votes
Ariel Hernandez
  • Rental Property Investor
  • Phoenix, AZ
1
Votes |
3
Posts

Househack /medium turn rental/longterm rental

Ariel Hernandez
  • Rental Property Investor
  • Phoenix, AZ
Posted



My girlfriend has a mortgage on a 1 bed 1 bath condo, I share a mortgage for a 3 bed 2 bath house with my brother. She bought her condo a year ago, we lived in it, remodeled, and were planning to make it a medium term rental after I purchased a house with my brother. My girlfriend and I moved into the house and planned to live there with my brother while renting out the condo. In the meantime, my brother and I would fix up the home and get it ready to become a rental as well. Problem is, my brother started dating a girl... he didnt want to work on the house anymore. Three months in at the house, my brother's new girlfriend decided to buy her own house. She qualified with her dad so she could qualify for a bigger mortgage, so she cannot afford the monthly payment by herself. Now, my brother wants to move out with her into her new house and help her pay for her mortgage that he isn't even on - while also paying for half the mortgage we share together. My gf wants to pivot and rent the house while we live in the condo, but my brother is not educated and is afraid of being a landlord. Where do we go from here? The house and the condo would each breakeven if they were rented due to the mortgages we currently have. The condo is nearly ready to rent and the house has a some work to do but nothing major, minor cosmetics.

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