Need A Financial Wiz To Answer This Mortgage Investment Question?
Last year we listed our home on the market for $475k but didn’t sell. The market value of our home is now worth approx $400k (declining everyday). We know that right now is NOT a good time to sell. (We don’t Have to either). But we would like to Buy a home since it is a good time to buy. (And we need the space). We owe $125k on our mortgage.
My parents are seeking to invest money in the real estate market. Coincidentally they have approx $125k to invest in a rental property. (They are looking in Texas because it is cheaper than California).
If it is a wise investment for both parties, I would like to be partners on my home. I would need SOME money (50k?) in my pocket to buy another home.
Ideally:
Both parties would have a monthly positive cash flow on the rental. This place could rent for $2200/month.And there is an HOA of $350/month.
Both parties would gain equity when we all do decide to sell.
Any Advice?
Steven Wevodau Financial Industry Expert
July 15, 2009 by admin
Filed under property, Real Estate
Steven Wevodau possesses extensive expertise in the property and casualty and life and health insurance industries as well as the financial services market.
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Steven Wevodau Financial Industry Expert