aimhigh1184
New member
rental property. Any advice?/? Hey all. I am 21 years old and I am about to finish my bachelors degree. I got an internship with the MTA. And I will be receiving about 5-6 k a month starting in July. I have about 10k in debt but I am going to pay about 200 a month. My parents bought a 450k house about 8 years ago and they payed 180k on it, but I want to use 100-120k of the equity on it to purchase a 2 family house for about 500k so I could rent it out. I will then use the money from my rent to finance the mortgage on the 2nd house, and Also use my own money to pay the mortgage for the lack of a tenant for any number of months. My uncle knows a lot of people who need to rent so I don't really think I would have a problem finding and keeping tenants. I am knowlegable in house maintenance. But the thing is that I don't want my parent's to be affected. I want to know if their mortgage which is 2400 a month would increase, or would the mortgage go back to about 30 yrs or about 25 years. If they could pay the mortgage longer fine, I don't want them to pay more. My parents said they will do anything for me. But i have a brother, After i take this equity, I will cease my rights to the 1st house could I already took my portion. And then hopefully after 10 years I will raise enough equity on this house and my own money to buy a bigger house in another location. Can you please give me any information, or nice advice to help me in my expedition? Thanks!