All Forum Posts by: Stanley Clervil

Hey, it’s great that you’re looking to support your mom while also getting your foot into real estate investing. That’s a meaningful and strategic move. I wanted to chime in with a few things to consider based on what you shared.

Condos can be a solid option, especially for someone retired who might want low maintenance. That said, one of the major downsides is that you're exposed to special assessments. These are unexpected charges from the HOA for things like roof replacements or big repairs, and they're completely out of your control. They can really mess with your cash flow, especially if you're counting on consistent monthly expenses. It's something a lot of newer investors don't realize until they're hit with a surprise bill that could be in the thousands.

A small multifamily, like a duplex or triplex, could be a stronger option. Your mom could live in one unit, and you could rent out the others to help offset the mortgage. Plus, it gives you more control over the asset, more cash flow potential, tenant diversification, and you're not at the mercy of an HOA board making expensive decisions.

On the financing side, if your mom is going to live in the property—and if you're planning to live there at least part-time—you may qualify for owner-occupied financing. That opens the door to things like a conventional loan with as little as 5% down, or even an FHA loan with 3.5% down. These low-down-payment loans can really help when you're just starting out.

Long-term, I think the multifamily approach gives you more flexibility and better scalability. It allows you to help your mom while also setting up a property that can serve as a true investment for years to come. If she ever moves out, you’ve got a full rental property ready to go.

You’re on the right track—happy to dive deeper if you want to talk through specific numbers or options.

It is a smart move to combine your mom's housing needs with your first investment. Look into the Family Opportunity Mortgage, which lets you buy a home for a parent with primary residence rates ideal for your situation. Condos can work well due to low maintenance, but be sure to check for HOA fees, and rental restrictions, and confirm it's a warrantable condo for smoother financing. Choose a unit that could later be rented out easily, treat the deal like any investment run the numbers, and document everything. This is a thoughtful and strategic way to start your portfolio.