All Forum Posts by: Ruchit Patel

Hello,

I know two retired families in my group, sitting on $3M+ real estate, free & clear. They living in it. Very humble, hardworking, blue-collar family and they happen to grow up in a part of California that is highly desirable now. So their not-so-good place is wroth more than 3 million.

They have no income, so they can't refi or HELOC to use their equity for their personal expense. My question to this forum is, what's the best practice here? How can they tap into their equity and live a normal life? I feel sad when I see them stressed out about money all the time.

All suggestions are welcomed :)

Thank you.

Hello,

I know two retired families in my group, sitting on $3M+ real estate, free & clear. They living in it. Very humble, hardworking, blue-collar family and they happen to grow up in a part of California that is highly desirable now. So their not-so-good place is wroth more than 3 million. 

They have no income, so they can't refi or HELOC to use their equity for their personal expense. My question to this forum is, what's the best practice here? How can they tap into their equity and live a normal life? I feel sad when I see them stressed out about money all the time.

All suggestions are welcomed :)

Thank you. 

Learn about everything in detail, and then see where you have the resources that you can leverage. Trust worthy people are worth way more than a good deal, never forget that.

I started with turnkey providers. 
 

My two cents:

I tried for 6 months to find something worth investing that would not become a liability for me in California. Guess what, I invest out of state now :))

Yes, turnkey is a good way to start. That's how I did it and also some of my friends. 

Of course, you won't have the same return as BRRRR but for BRRRR you will need 1000 ducks in a row, whereas for turnkey, maybe 1 or two.

Turnkey company I invest with has deals to offer in Florida market. Name is rent to retirement, give a try. 

Only you know your whole situation, so only you can decide. Other people here, can simply put their thoughts and you can read it to make sure you didn't miss anything. 

I say, with a wife and kids, peace of mind would be a higher priority than pure money. So don't forget to add that into equation too. 

Speaking of taking care of condo, and deciding between renting to selling, why not do both and exploit the benefits of both worlds!! I would ro rent-to-own. I have done that couple times with my properties. I will happily guide you for that if you need.

You can easily buy something worth $200,000 with 25% down, then closing costs, and then $5k left in reserve. 

Now the question would be, what to buy and where to buy, right!?

Those questions can be overwhelming, so I started with a turnkey provider!! 

Those are great questions and every beginner has been there. It's overwhelming, I know. That's why I started with a turnkey provider. They take care of all background work, and you can learn by doing it!! 

Internet is filled with amazing knowledge, but most of it won't work, when federal bank bump up the interest rate from 3 to 7% in a year. 

In my opinion, best way to learn would be to learn by doing it. So why not start with a turnkey provider!! That's how I did it.