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Four Star General | Is investing on a house with my father a good idea? |
I have never Invested before. My father came across a good investment on a house. Me and my father are both motivated and are good carpenters. Within 6-8 months we should make 100k profit if all goes well spit 50-50. How much of a gamble is home investment? and could this potentialy ruin our relation ship if this falls through? Are there contracts or agreements that can be made? |
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Lion J
 |
If you trust your Father, jump in, and have fun.
In the end, it's not about the money, it's about having quality time together.
I was lucky to have time like that for one day with my Father before he died from a brain tumor.
I now buy fixers, remodel them, and rent them out. |
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besthusbandever
|
doing what you are talking about is one of the best things that you can ever do for yourself. especially if you are good at fixing up things. you maybe able to get 100% financing on this, and have very little up front money to put down. if your credit scores are over 580 you should be able to get 100% financing, 90% at least if you can't get the 100%. you have to keep your costs down and do as much as the work as possible, and make that house look great. if you think you can make 100k that is outstanding. once you do one of these and see what is all involved, you can do this full time and make tons of money at it. you must have a very knowledgeable person do the home inspection, you don't want to get into a situation where there is way more costs involved to fix something up than you planned. I think you will do fine at it. |
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Black D93
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NO dont do it!!! the father has power oer you and then he will start to say whe wants more money that you |
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Sizzle Pizzle
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how does your dad handle it when you disagree with him? does he lose his temper easily and refuse to talk to you man to man in a respectful way???
dad's come in different packages......that would work great with some, not at all with others....only you can decide that. |
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fosterb_2004
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it all depends on the integrity and dependability of your father. Real estate is the best/ quickest way to make $. In business a joint venture is one of the best ways to start a new business and the home idea is the same concept. Less responsibility , less liability if it falls through, but still earn a net profit. I would do it until you gain experience on your own bro. Once you have the knowledge make some independent endeavors. |
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Tamborine
 |
This is a business relationship and before doing this you should consider if you want to enter into a business relationship with family. This could actually be a very lucrative investment, but sit down and talk it through with your dad before agreeing to do it. Find out what happens if there is an unforeseen problem with the house (yipes! termites!) or if the house is on the market longer than planned and you don't recoup the money you anticipated. Be prepared for the worst and work towards the best. Talking things through in advance could help prevent your relationship from turning sour over this. Whether or not your relationship will suffer really depends on your relationship. For some father/son teams - this could be great. For others this could be disasterous.
Yes, it would not be unheard of to have a contract drawn up. |
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Blicka
 |
It may be best for you to take a step back.
There are a few questions that you may want to ask yourself as well as a few that I'd be interested in.
1) How much of the downpayment would you be putting down?
2) If you are putting down much for the downpayment, where has this money been already sitting? Savings account, mutual fund, checking account...etc.
3) Do you have 3-6 months cash reserves if you were to get fired from your job/for other emergencies?
Once you've asked yourself those questions, it may be wise to think about your time horizion a little. Most homes take 6+mths just to sell! So, if you listed your home the day you bought it, it may take 6 months to sell. If you need this money back anytime within the next year, it may not be a wise decision.
How much will you be spending on improvements? Do you have estimates? Will your father be footing the bill/would this increase his share?
Do you already own your own home? If you don't it may be a better choice to buy your own home. (that you can live in while it increases in value)
Also, a 100K profit is a pretty lofty goal. Would you accept a 50K profit if the house had already been on the market for 9 months? It is a buyers market...this means that other people that NEED to sell (not sell to profit on investments) will be selling houses in the same area for LESS money.
You may want to wait...or at least speak with a financial advisor who can help you answer some of these questions.
My true advice would be to stay away from it. It might end up being a money hole that you can't afford, and you can gather knowledge about real estate via investing in REIT stocks such as General Growth Property. (Mall REIT: GGP) Once you sign the mortgage, you are stuck with it...and the worst thing that happens is that you hit a money crunch where you are FORCED to sell the home at a loss. |
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Northville
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as long as both your names are on the title, you both do the work and put everything in writing. After the deal, and you have the cash, put it in a business name, and keep going. You may also want to consider doing the mortgage paperwork yourself, depending on what state you live in, and put future homes in a corporation name for added protection. In Michigan you do not need any certificate, just a sponser to show you how to do a mortgage 1003. Thousands of dollars are made from the commissions on a mortgage. That may also lead you into becoming a realtor. Don't stop with just the fixer upper, consider how easy it is to take a 1003 on your own "corporate" homes. |
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