All Forum Posts by: Giovanni Modica

I’m not that callous. She was a single mom at 18, and will never have the opportunities that I have or will be able to create. I’m trying to learn more about real estate to help my family, not just myself. 

Thanks for the response. I was being intentionally vague, but she’s getting the house through a legal proceeding. She lives and will continue to live in the house we co-own. Really trying to determine what’s the best course of action for her financial future. Having money now, or an asset for her and her children’s future. 

I know it may not be the most profitable rental, but would be good learning experience for us both. 

My plan moving forward to help her is to co-purchase a new residence every 3-5 years, and turn the old house into a rental. Also trying to figure out what the best legal structure to pursue that would be.

If it helps, I make $150k+ but live in California. Considering starting an mba program soon, so that would drastically reduce my cash flow in the short term. 

So I’m a Disabled Veteran and co-own a house with my younger sister (I own 75% but we split the mortgage). My sister is about to acquire a second home in the same military town as the house we own, valued at about $180,000.

She is a financially struggling (<$36000) single mom while I work in tech. Selling the home for a $90,000 profit would make a significant difference in her and her children’s immediate financial situation. She has lower credit, so refinancing the loan into her name doesn’t lead to the best rates, and the mortgage would be about $1000 while the rentometer rate is avg $1200.

Should we keep the property and try to keep building a real estate portfolio with my family so that my sister can have a future with assets, or would it be better to ease the financial strain and invest most of the profits into a portfolio?

What would be the best structure for us moving forward (I.e. family trust, LLC, etc.)as I'm also trying to convince my mom to "sell" me her house (same city) when she retires to Florida.