My parents want to sell me their house for what they paid for it 20+ years ago at $140,000. They want to downsize into a smaller house, and I'm looking for somewhere to live so it could work out. They're not out to screw me, and have supported me through college and beyond, but since my younger more successful brother bought a house last year, they have said they want to help me. I know they're not out to screw me, that's quite literally the last thing they want to do.
The "Zillow Zestimate" is north of $315,000, but the same layout houses in the neighborhood have sold for between $330k - $350k. However the house does need some work, looking at ~50k in work, but a lot of that is shitty manual labor which I don't mind doing for the next year or so over weekends and after work. It's a 4 bedroom, 2.5 bath, in a great community.
I make $50,000 a year gross, and have no debts, no liabilities.
What would be the best way to proceed? Should I do it? I know it's a huge risk considering it needs work, however, I plan on staying in the area for the foreseeable future, and it's a great family home if my girlfriend and I go that route. On the other hand the same houses in the subdivisions rent for anywhere between 2.2-2.6k a month. My dad will help with renovation costs, and we have family friends that do construction work when it comes time to get things fixed beyond our skillsets.
I honestly don't even know where to start in the process. Any help is appreciated.
Submitted October 06, 2021 at 10:45PM by All_ https://ift.tt/3lgMCIE
