All Forum Posts by: Marc Young

The house is worth 275,000-290,000

He owes 162,000 I want to take over that loan with a 1100 mortgage payment and the tenant pay 1900 per month. He’s willing to have me take over but he wants the difference between the 2. 
he said he also will give me 25k off the price

I was wanting to use the 800 flow to pay off the loan. I don’t know if I can get 100k for 800 a month or if there is a better way. 

My dad just moved and is renting out his house. Him being older he wants nothing to do with being a landlord. He wanted to sell but didn’t have enough time while buying his new home. He offered to sell or just add me on to title and take over the loan. All he wants is cash that he would get by selling the house. The goal is for me to get on title and take over. I want to continue to use this house as a rental. So here is my question. The equity is 100K that I don’t have to cash him out. Is there a way to do this? I was thinking of getting a personal loan and use the $ that the tenets pay to pay off the personal loan. It’s $800 a month. 

After that loan is paid off I would have that cash flow, and the equity in the home. I am super new to this. Is there a way to make this happen?

Or any other ways to get him his cash and me to take over his loan? 

Thanks for the help!

Wow!

This is my 1st post on here and I’m blown away that you took all that time to explain this. I really appreciate it. Thank you for the insight. I have areas about a hour where I live with a military base houses around 90-180k not great area but hopefully a good spot to start. 

OK here’s my question. I want to get in to real estate investing and this would be my first time. If I had to pick which direction I should go if I want to make this an ongoing thing. I have 30 K in the bank and I can’t decide if I should buy a rental or a flip. I know there is pros and cons to both with the rental. I don’t want to have to wait a long time to save more money to buy my second one. With the flip I am very handy, but I would hate to get into something, not knowing how much It’s all going to cost. If you were in my shoes as a first time investor, what would you do? I have used the tools on the website and they have been fantastic but I just don’t know what direction I just need to go.