All Forum Posts by: Robin Morales

@Pete Barrow hey Pete thanks so much for your input ! We thought of that as well. He really wants to help his parents but it seems like a ton of risk. I mentioned taking the full loan but charging them a small rent. At least !

@Aaron K. Hey Aaron, So here is what they are offering. Son Takes full loan and deed for 217k. They would like him to honor that 50% equity goes to the other brothers. Any chance it may be a good investment for HELOC and stuff?

@Aaron K. What if they wouldn’t want to sell? Would you have my friend buy the house and charge his parents rent ? Even though they live together ?

Hello Everyone,

I will try to keep it as short as possible! Parents own a property in CA. The property is worth about 600k. They owe 217k on the mortgage loan and have about 45k in debt through CC debts and HELOC. They are negative cash flow as they cannot afford to pay debts and living expenses. They have not done a consolidation as they will not get approved and his father has a gambling problem. They once consolidated through a cash out refi however, the father continued to acquired debt through gambling so they do not want to do it again.

They are about 10 years from retirement. And have only about 80k for retirement in 401k. They live in the house with my friend. My friend has great score, makes great money, and has no debt. They would like to sell him half of the house while putting the whole loan under his name. Would this make sense? What are some scenarios you can see might benefit everyone. 

I apologize if this didn't make sense! would really love to help!

Wow I cant thank you all enough!! I appreciate all of your help! i have take all of your information and written it down. I love this forum!

@Scott Trench opening up with them ASAP thank you !!

@Kevin Chan hi Kevin ! Since it’s my first property ideally SoCal since I live here

@Chris Coleman thanks so much! I love this site. I’ve been on for 2 days and it’s crazy how much I’ve already learned. If you have some favorite books etc. shoot over the names. I’d really appreciate it. Thank you !!

Hey guys !!!

So I’ve heard many different opinions but I want to hear from you ! I want to become a real estate investor. Do you recommend I get my real estate license ?

@Theresa Harris thank you Theresa ! I googled some information but there is so much out there just having trouble weeding out what’s not a priority. Any groups you would recommend in so cal ?