All Forum Posts by: Monte Dick

Ok so I️ have a not so normal situation but has huge potential and I’m not quite sure on how to go about it. I️ am about to buy my grandmas house which is currently in a reverse mortgage. She is going to put my name on the title and then gift it to me so I️ don’t have to pay for a down payment . I️ also will get prop 13 which is huge when it comes to taxes. Anyways the property is valued at around 850k right now and I️ am getting it for 630k. The problem is I️ do not make enough to afford the mortgage on my own but I’d like to keep the property because of the location and the opportunity to own a house right by the beach ( Belmont shores in Long Beach ca) other options are to fix it up a bit and try to rent it but I’m not sure if we can rent it for enough to cover the mortgage. Another option was to level it and put up a duplex which will cost about 400k and I️ work with a GC which we would do all the work and his brother has the money to invest into the project to make it happen. I’d like to go the simpler way and just keep it and rent it out and be able to use some of the equity to buy another property or even another home for me and my wife to live in. Any ideas or suggestions would be greatly appreciated.

Here Is one of 1000 questions I have being I am very new to the investing world and am wanting to dive in head first. I live in California and it's pretty expensive to buy around where I live and they say it's a sellers market right now, also I keep hearing to wait for th bubble to pop. So For my first investment property would it be wise to buy a cheap condo/ or duplex and possibly make little to no cash flow in it but just have it so it's paying itself off and building equity. Also when I get married next year and start a family I can pull out a larger amount on that property to put towards the home we would like to buy and live in? And from there I can pull from that house to put towards the next investment property? We have about 30k right now to put towards our house but I thought if I do it how I just explained above might be a better smarter choice?

Thanks for the feedback, I still have a lot of studding to do and I feel like I have a long ways to go before I make my first step in any of those directions. Thanks again!

Awesome! Thanks!

I wrote a post and I'm not sure if it went through or not. A little help?

Hi guys, I'm pretty new on here and new to the real estate investment world so please bare with me. I just got engaged and am about to get married this time next year, we have money saved up to buy a house and are looking to start a family. I want to buy our first house with our money but also want to invest in some rental properties and I'm not sure which is the best rout to go, buy my house first and take money out of that to buy my first rental property or vise Versa. Any help or advice is greatly appreciated, thanks BP!