All Forum Posts by: Johnny Teckor

Does the same "Live in the residence at least for a year then you can rent it out " apply for secondary homes?

Yea im thinking of just letting them stay for the rest of the year until next year.

Market rent is $2200 

I recently asked them if they can help me with my move i just bought another home mortgage is $1000 including prop taxes insurance. And even then my dad was not having it but i convinced him to pay. I havent talked to him since but im hoping he does. I just dont see why its so hard for him to understand? His mortgage is $1600 and im only asking him to pay me $1100 on a 400k home.

Ive honestly talked to them already.

My first talk was to tell them i wanted to rent out the house and build on this real estate thing and once i am financially able to buy them a house later on i would. And it was set they agreed but my dad called me everyday guilting me into not having them move back. Eventually i gave in and told them nevermind. 

But my recent conversation consisted of me telling them if i rented the house i would give them half to pay for their mortgage and the other half would pay a mortgage of a new house for me or if i sold it i would give them some money. But my dad just wasnt having it. 

My dad isnt understanding and my mom gets it. 

the house is still under my name 

Im not struggling badly but i wish i knew what a property could do and i would of rented or sold my house and made profit. My goal was always to take care of my parents but i dont feel like i was in a financial position to do so now. Maybe if i had enough money down the road to take care of them i definitely would. 

Hi everyone,

My first post here and kind of personal. But i really have been beating myself up and stressing alot about what i need to do to move past this.

I inherited a huge amount of money from work which doesnt come around often a once in a lifetime income in 2012. I was in my early 20s and did not know ANYTHING about real estate at all. I did not know how valuable a property was or the types of things you can do. 

I purchased a short sale ALL cash for 210k 5 beds 3 baths 2600 sq ft my parents at the time basically rehabbed it for me meaning i gave them the cash and they contracted people to do the work and kind of designed it. Thats how blind i was to real estate and thought i didnt need to budget because of more money i thought would come my way.

After it was ready to move in I lived on my own for 4 years and i felt bad for my parents and how they lived so i decided to give them my house. 

They didnt live in a war zone but it wasnt as good as i was living.My dad has a business and a job and earns good money so they werent struggling or living paycheck to paycheck.

So they did the smart thing and the thing i should of done which is rented out their house and let the mortgage pay it self off.

I decided i would move and rent an expensive apartment because my dad thought i should so i listened.

I moved out because i wasnt happy there and i was not happy spending so much money and moved back in with my parents (my house). And started learning about real estate more and more. And the more i learned the more upset and depressed i got about what i did.

I gave my non-struggling non-elderly mid 40s parents my house which is now worth 400k and can rent out for $2200. 

I really hate myself and it depresses me that now they have 1 house which is paying itself off and 1 house free and clear. and i have nothing. 

WHAT WOULD YOU DO?