Posted by Patrick in MD on May 06, 2008 at 20:46:15:
I have generous 75 y/o parents who are willing to give me a gift of at least $15K. I'm wondering if buying a small apt bldg would be a good first deal for a complete newbie? I have thought that if I could buy a duplex, fourplex, or small apt bldg, that I could manage the bldg and live in one of the units. Is this reasonable? I live in the MD suburbs of Wash., DC and would prefer to stay in this area, but I would also consider doing this in a smaller town. I'm single and have no kids, so relocating is possible.
A little more background about me & my situation: I'm 48 y/o and my financial situation has been precarious for the last 18 years, due to a variety of reasons. I'm only working part-time now. However, my retired parents are financially secure, own one home free & clear that's worth approx $250K, and have lots of equity in another house that's worth approx $650. In addition, they have more than $25K in cash and have excellent credit.
I could probably convince my parents to buy a property for me in their names since I would not qualify for any type of financing, except possibly a hard money loan. (If any are still available in the current depressed market.) I do have an LLC set up for purposes of investing, but have not done any deals yet. All suggestions and comments are welcome, even if you tell me that I'm being unrealistic, greedy and need to invest on my own regardless of my parent's willingness to help.
Patrick in MD
- Re: Is buying small apt bldg a good 1st deal? yo 12:01:24 05/08/08 (0)