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/u/Afraid-Information30
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Hello! My wife (21F) and I (24M) are looking to get into real estate. Currently, we both have no debt, combined we make about 80k a year, and have about 90k in liquid assets (60k cash, 30k investments). We just got married in August so trying to plan for the future.
We live about 30 minutes between two larger cities in Upstate NY, so real estate market isn't crazy like a lot of the big cities and surrounding areas.
My parents currently own the house we're renting. They're giving us a deal (renting for 1k when our house could easily fetch 2k a month).. The piece of property we're on also has another house that's a 2-unit apartment house. Top floor is a 3 bedroom, bottom floor is a 2 bedroom. Renting for a total of 2,100/month..
Parents are wiling to sell to us at 400k, which is what they just paid for it. But when we bought it, we got a huge discount because the seller was really desperate to get rid of the property because it had been on the market for a months.. Parents realtor said they had the property undervalued by 100k, and he's a good realtor.
Wondering if it makes sense to do that and save for it until we can get a mortgage, or buy another property with our liquid cash in the interim? All opinions appreciated.
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Advice on how to proceed to break into real estate investing
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We live about 30 minutes between two larger cities in Upstate NY, so real estate market isn't crazy like a lot of the big cities and surrounding areas.
My parents currently own the house we're renting. They're giving us a deal (renting for 1k when our house could easily fetch 2k a month).. The piece of property we're on also has another house that's a 2-unit apartment house. Top floor is a 3 bedroom, bottom floor is a 2 bedroom. Renting for a total of 2,100/month..
Parents are wiling to sell to us at 400k, which is what they just paid for it. But when we bought it, we got a huge discount because the seller was really desperate to get rid of the property because it had been on the market for a months.. Parents realtor said they had the property undervalued by 100k, and he's a good realtor.
Wondering if it makes sense to do that and save for it until we can get a mortgage, or buy another property with our liquid cash in the interim? All opinions appreciated.
submitted by /u/Afraid-Information30
[link] [comments]
Advice on how to proceed to break into real estate investing
Continue reading...