Hi Everyone,
I'm 23, and leaving home in a few months for a job making approximately $75K a year in Atlanta. I do not plan on returning. My parents have already purchased a new home, as my family has reached the age where everyone is ready to leave home. They are currently selling the house that used to be the family house, and are currently under contract to sell it for $340K.
However, today my father offered me the opportunity to purchase the house for the value of their remaining mortgage (280K), to relieve them of the burden. He made this offer to me, stating that he would manage the property, rent it out as a 2 family, cover the mortgage with the rent money and send me the remainder of the profits.
The house is in a location approximately 1 hour by train from New York City, in a nice neighborhood in suburban New Jersey. I am worried about this offer as I am still young, and while I could come up with a down payment and have excellent credit, the down payment would be the majority of my savings. The down payment money could possibly come from my family, however, as a further assistance. I have not discussed such yet.
I have not discussed this option further and have not committed. I am also hesitant to mix business with family, as I have heard time and again that this is a bad idea.
On the other hand, this could end up being a profitable venture, which could very easily provide a lot of extra income for myself, possibly enough to cover rent in Atlanta, allowing me to save much of my salary for other investments and expenses.
I would like some advice on the matter, but am currently leaning towards declining as I am apprehensive about doing business with my family in such a way, as well as taking on such an investment at so young an age. On the other hand, people don't really make money without taking a risk here and there, so I am a bit torn on the prospect.
Thanks for reading.
Submitted October 18, 2020 at 08:51PM by Audityne https://ift.tt/37hxK6a
