All Forum Posts by: Justin White

I am looking in the Scranton area as well. Seems to be heating up. 

It was a multi in houston TX. 

@Odie Ayaga

Thanks for the welcome Odie! I’ve joined some meetups already. I was thinking of buying a multifamily with my brother but after speaking to a lawyer I’m going to hold off on that for a while. After I go to some meetups and study more I will decide on my next move. 

@Manny Cirino @Pat Butler @Anthony Wick

Thank you for the replies. Some good points to think about. I’m going to talk to my real estate attorney and my mortgage broker in detail. I would hate to lose money or have my brother act funny when rent is due after the year. 

@Evan Polaski @Eric Johnson thank you both for the clear and concise replies. 

@John L. thanks for the reply. Hope all is well on your end.

The return on the investment would be minimal but from what I’ve calculated all expenses would be covered. I’d pocket about $800-1000 monthly. This is more to help him get back on his feet long term. 

Thank you so much @Anthoney Hanks I hope you have a prosperous 2020! 

@Taylor L.

thank you for your reply. The house and loan would be in his name. I would collect rent and pay mortgage, any HOA, taxes, maintenance etc.

This would be beneficial to both of us. He gets to live relatively rent free and save his money. I get to pocket what’s left of the rents after expenses. 

Exit strategy would be him either transferring the loan to me or buying me out. Of course this would have to be approved and signed to a contract. 

What cons do you see? 

@Theresa Harris thank you for the feedback. 

My brother went thru a hard divorce leaving him with no assets at 47yrs old. He's a blue collar worker making about 55k in Baytown Tx. He's never bought a home so he is still eligible for an FHA. Our thought process is for me to front him all the money for a multifamily home. A fourplex is the only option for it to be financially beneficial to me. I would front the money, he would take out the FHA loan and live rent free for a year. I would collect all rents and he would just save his money allowing himself to get back on his feet. After a years time I would then charge him a minimal rent say 500-800mth. Has anyone ever done this or heard of an arrangement like that?

If he wanted to leave the home for any reason after the year could he transfer the loan to me? I’ve used my own fha loan already.