All Forum Posts by: Tommy Carey

Assuming the owner occupied family loan works, should I wait until I have the investment property in my sights before executing the process?   Or should I seek a pre-approval situation?   I don’t want to be on the hook for payments if I don’t have an investment in place to cover some of the payments.   Thanks everyone for your input.    

Hi. @Dave Passey  !   The moustache stays!   It’s my money maker. (Check out my IMDb http://www.imdb.me/tommydaycarey ).  I play a lot of cops.  Lol.

So, I'm trying to not take over the payments as they are like $1800 a month. The goal is to use very little if my own money in this investment. My parents only want the lack of payments. They only wish to stay in the house until they are "done." I was thinking a refi for 30 and paying much less as Id also be making a payment for the investment property. I don't really want to use my first time FHA on this small of a loan. Also, I'm hoping I can manifest a cap rate in a multi family that will beat the payments and more. Ideally I'd be able to refi down the line and keep investing in more and more my properties. Again, They would want to stay in the house. They are in Texas. I am in California.

@david 

@David Hildebrandt Is there a way to assume the payments for less than the amount they pay now?  Im not sure I follow.  Would they need to refi and I make the payments?   Do you mind fleshing his out a bit more for me?  Thanks.   

Both great ideas guys.   I apologize if my financial knowledge is offensive.   Your help is greatly appreciated.

My parents are retirement age and my father has had to continue to work despite his declining health to pay off the remaining 100k of a refinanced loan they took. They want me to take over the loan and in exchange will take possession of the title for the house (I would likely inherit it anyway.) The house is worth about 500k now. I've never had a mortgage, I rent, and have little savings (less than 20k.) How can I free them of their payments while accessing the Equity for a loan to buy into an income property in my home city of Los Angeles (a duplex starts at 900k?) Also, If I could find a good ROI, how can I insure my parents can stay in the home and that I am able to accelerate my lack of savings. I have a California Real Estate license.