All Forum Posts by: Ryan Parker

Hey y'all, I just wanted to get some insight on this situation.

As a pervious post mentioned my grandfather isn't doing very well and has ended up in a VA home. My aunt has a PoA and has considered selling me his house. Now I'm not sure of her asking price, but she's willing to work with me.

I'm leaning towards doing a seller financing setup to pay my aunt while I do renovations on the home. The house is from the 30s and needs some major work, but it's fully paid off. Here's a hypothetical deal structure:

Purchase price: 130k (Interest-only @3.05% for 10 years)

Renovation Cost: ~115k (highly estimating here, still waiting to get bids) w/ HELOC

Cash out Refi: ~250K mortgage (paying off aunt and heloc)

ARV: ~350-390k (based on similar homes sold in the last 180 days)

Taxes: ~2.5% of home value

Insurance: ~1400/year

I'm looking to get rents around $2600-$2800

House is a 3bd 1.5 ba

The house is located in North Jersey. Any insight is greatly appreciated!

He is currently living in a home, but my aunt isn't looking to make any decisions at the moment.  

Thanks for your reply Marty. Thankfully my grandfather is still with us, but unfortunately he's not really with us. 

Either way, we will most likely wait until he passes to move on the property. I am just weighing ideas of how we could keep it in the family to maintain wealth. 

Hey all!

I'm working with my family on acquiring my grandfather's house. My aunt currently has PoA and is open to selling me the property. The house is in need of major repair, hasn't been updated since the 30s, and is located in Union NJ. I live in Maryland but I have family nearby. 

I'm curious what methods I can utilize to acquire the property. I don't have a ton of capital, but the house is paid off.  I'm thinking of using an interest only loan with my aunt, allowing us both to take advantage of tax deductions, while I take out a Heloc to finance the repairs.  I'm ball parking the repairs in the 120k range and I'm hoping to get the property in the range of 125-150k. 

I'm curious how this sounds logistically, any insight would be appreciative!  

Would it make sense to go with a HML? I'm planning on doing a live in flip in Baltimore if I can't find anything near the DMV corridor

I am currently trying to obtain more business funding from my partner to Kickstart my real estate investing. 

I'm securing about 50k in credit cards but I am unsure about what to do with the funds. Can they be used for a downpayment (or would I even want to)? 

Would it be better to gear it towards making repairs on a property? I am just unsure how to efficiently use my working capital.