All Forum Posts by: Account Closed

Thank you @Tiffany Arthur for the detailed reply. Luckily, I've not signed anything, so I'm not a signer on the note. To the best of my knowledge, I'm not legally responsible for anything unless I choose to be. Really, I should have someone go over all this paperwork with me, so I actually know what to expect.

I can tell that I'm going to need help with this, when the time comes. I really don't want to just throw my hands up and "let the bank have it"... but the complexity of how to do otherwise (and potentially profit from it) is way beyond my expertise.

Thanks again.

Thanks @Robert Conroy

Wow, I had no idea I wouldn't be allowed to profit from the sale because I'm related to the owner. So, they just expect relatives to assume ownership and live in the dang thing?

I like your suggestion about partnering with someone. I had thought there might be some sort of possibility like this, but not being experienced in REI I didn't know the logistics of how it would/could work.

EDIT: @Tiffany Arthur sorry... you posted while I was replying to Robert. Reading your post now...

Disclaimer: Brand new to REI, but love investing and have always wanted to add real estate to my portfolio. That's why I came to BP: to educate myself and start down that path.

My dad is not well, and I just received a boatload of legal paperwork from his attorney. I don't fully understand all of it, but basically he’s leaving everything to me, including his modest 2/2 townhome. He’s verbally told me “you can do whatever you want with it when I’m gone: assume the mortgage/ownership, or just let the banks have it.”

I thought this might be the perfect opportunity to gain my 1st rental property, however…

1. The townhome is in a BAD neighborhood: violent crime including armed robberies, theft, and constant drug busts.

2. My dad paid way too much, and is upside-down on the mortgage.

3. I feel my dad has OVER renovated... sinking tens of thousands of dollars into high-end windows, hardwood floors, high-end appliances, and a totally remodeled kitchen.

Given those factors, I don't feel that I could charge high enough rent to cover the mortgage AND have a property manager--which I'd definitely want... considering the neighborhood/crime. Additionally, I don’t think I could sell it for anywhere NEAR what it’s worth. His renovations have, in my mind, put the value WAY above comps in the neighborhood.

Thoughts? Ideas? Recommendations?

I really don’t want to “just let the bank have it” as my dad suggested. That seems like a ridiculous idea. I'd like to think there's some kind of investment opportunity here.

Thanks in advance...