First, I apologize I'm on mobile, so formatting might be silly. So I'm 21, not great credit (445-505, depending on the report, but I've got some money to pay off debts. I've only got about $1,650 in credit card debt and have about a grand in federal student loans, (I think I owe the book store an additional $150-$200.) It won't be hard to pay off.
Now on to the houses. My grandma died last week at 93 y/o, and owned 2 multiple unit houses, a duplex and a triplex. The duplex she rented at 500 and lived this the above 2 bedroom. I would value rent at 700 for the upstairs. (The location im in has pretty affordable housing) The market value of the house is at $98,000, the mortgage would be just under $500, taxes and utilities around $250. The house pays for itself when rented. The triplex she had she rented at $550, $550, and $450. The market value is $86,600. I haven't calculated the mortgage payments but it would be less then the other house, obviously it's just cheaper. Taxes I don't know either (I can and will find out asap) but I'd imagine it would be less based on price and they're in the same township.
I need a place to stay also, and I have a few options. 1. I live at my parents. It's free, but my dad is self employed but is a borderline hoarder and very lazy. He could be wealthy if not for being lazy. He misuses resources like he has never run any thought through his head. Yeah he's old and tired, and not in good health but that's his doing just because he's overweight and has never given two shits. Don't get me wrong, I love my father, we have a decent relationship. He is just stubborn. Sorry, I rant. Anyway it's not really an option. Option 2. I live in one of my units. The one reason I don't want to do this is because I want someone to pay me to live there. Duh. My dad has appartements and he might cut me a deal. So if I was able to rent from him for less then I rent my unit out I should do this option right? 3. Is live in one of my dads apartments I just mentioned.
Lastly I have to mention my aunt. She wants to buy the duplex. It's more of a home, where the triplex is, well a triplex. My father also wants me to buy the duplex because he's sentimental to it like my aunt. I don't give two shits about his sentimentality, I care about money. And I'll be able to pick up the duplex when my aunt kicks it (she's old also. 68 I think) so I think the triplex is the better buy for me.
My father offered my a loan for the down payment because I don't have it saved. Grandma went quicker then I thought. She seemed healthier.
My aunt, my dad, and my other aunt are all benefiting equally in the estate. However my dad and my other aunt (this one lives out of town and has little preference, other then not dragging the estate out long) are executives. The aunt who wants to buy the duplex is not an executive.
That about sums it up, sorry it's so bloody long. Lmk what y'all think.
Submitted July 17, 2017 at 12:49PM by mowe96 http://ift.tt/2u1U000
