All Forum Posts by: Jessica Elaine

Steve Babiak You're right. I will just take my time and try to do my own project. If he needs help with anything I could offer my time and learn that way. Maybe then I wont feel so insecure about going off on my on. Thanks!

Jeff S. I don't think so. He's been pretty generous in the past. Before things started going down hill he was very giving to those around him. Honestly, its the only reason I even gave him money as a gift. However, I think now he is desperate and is looking for money anywhere to finish his rental prop.

Uwe S. It is high I agree. I don't think his interests are in paying the house off, just probably covering the mortgage plus a little extra. He was talking about being in the 1200-1300 range with utilities included. So..I'm not sure...I'm leaning towards passing on this.

Navi Veski Thanks! I don't currently have an agreement. I was wondering how I would approach this to make a deal with him. You are right on the money on where the property is located. I probably will walk away from this.

@Joel Owens I thought about buying my own home to renovate into rental property. It's ultimately what I would like to do in the long run for the passive income. However I'm new and a little scared of getting into serious debt. I just thought this had less risk and would allow me to gain some knowledge with tenants and renting without actually having the headache of owning the home myself. I figured we could come to some type of deal that would give me a percentage of the income for a certain period of time. Now I'm not so sure. I will add you! Thanks!

Joel Owens Thanks!

I'm not sure what he plans to do as far as what he owes on the home. But I have given him money for free to help struggling between paying his mortgages. Instead of just giving him money, I was thinking somehow once the apartments were finished I could see some return if I offered instead to give him a small loan or helped out with materials needed to finish.

He's currently in a mad dash to finish because his house has been reported as vacant. He's been at the house working day in and day out now therefore, I don't have a doubt he will finish at some point.

Would you still pass on this? If so what would you recommend for a first time investor looking to get their feet wet? I'm ultimately looking for some residual income. Thanks!

Jon Klaus Joshua Dorkin Thanks! I'm looking to invest in rental property.

Thank you! You provided a few questions I hadn't thought about. I do know he owes 350,000 on his house and his mortgage is 1900. It's a lot...but on depending on the market rent and the potential rent he could get on each apartment (four)...I figured there was profit on a monthly basis. I will have to look at the market closely along with the remaining rehab.

Hello guys,

I have a friend who has a home in a very prime location. It's literally across the street from a top medical university. My friend was living in this home up until his mother passed and has since moved back into the home his mother left in his name. Now he's trying to turn his other house into a rental property (apartments). However, he's struggling trying to pay both mortgages . He's also having a hard time finishing the renovations. I've given him some money as a friend to stay afloat but now I'm wondering if somehow this could be an investment opportunity for me.

I can't afford to give money away for free but, I honestly think that once the apartments are finished he will see good profit if priced right.

I asked him in passing about his rental property and I suppose he caught on. He's already asking how much I am willing to invest. I just have no idea where to start on something like this...or even if its wise to do so..

My questions are:
Would you invest in his rental property?
What type of deal options do I have? ( I.e. Pay for materials, Give Loan w/interest ,Help pay mortgage, etc)
How would you approach him with the deal? (Tell him what I had in mind?)

I appreciate all advice.

Thanks!

Hi all!

Just wanted to introduce myself before I started begging for advice:) Happy New Year!