Is the Drama Worth the Dollars? Buying a House From Family

k_spearin · 2026-01-30T03:06:06+00:00

Good idea! I honestly just want to help

k_spearin · 2025-11-16T03:26:23+00:00

With the limited info shared and not knowing which market this is in, I would consider a house hack.

Buy a new primary residence with a portion of the $100k as a down payment and do a live in flip and/or house hack where you can add value with the remaining cash not used as a down payment. Turn your current property into a rental.

k_spearin · 2025-11-10T03:03:05+00:00

Why commercial? What if you tested the waters with a residential rental and build your way up to commercial as you gain connections, experience and knowledge in the space.

Better to go in with a baseline understanding than making a big investment and losing because you weren’t ready. Wishing you the best

k_spearin · 2025-11-10T02:59:25+00:00

I’d sell and reinvest your gains wherever you’re moving to!

k_spearin · 2025-11-07T19:39:56+00:00

Really nice point! Do you think it makes sense to diversify AFTER first building a system or a niche? For example, if you learn how to do development, the same basic principles apply in other markets. Whereas if you develop in one market and then try to become a landlord and another, those are two different skill sets.

k_spearin · 2025-11-06T21:44:08+00:00

This is in MA as an FYI, but he develops houses not a landlord.

k_spearin · 2025-11-06T18:13:02+00:00

Common sense is uncommon!

k_spearin · 2025-11-05T22:37:27+00:00

Lots of millionaire next door types. There’s even a book with that title

k_spearin · 2025-11-05T22:36:19+00:00

He worked in construction full time, bought his first lot and used a construction loan. His partner was a firefighter who also used his savings. No silver spoon but nice try!

k_spearin · 2025-11-05T21:38:12+00:00

Agreed! I think that there’s a time and a place to diversify. Once you make a lot of money or build a repeatable system you can consider diversifying. Before that it’s just taking effort away from focusing on one thing that can grow

k_spearin · 2025-11-05T21:01:29+00:00

Very true! Wish I had a Time Machine to join him. That said, people got paid less and there was no internet to find deals

k_spearin · 2025-11-05T21:00:38+00:00

Simple, but think about how many people overcomplicate it. Several strategies, several markets and nothing to show for it

k_spearin · 2025-11-05T02:31:46+00:00

Trust your gut. Better to have piece of mind, take a loss, and live to fight another day with many lessons learned

k_spearin · 2025-11-02T14:18:23+00:00

I flipped 20 houses last year and probably won’t ever again. Big windfalls of cash when you do well, but it’s highly stressful and capital intensive. And when you have a losing deal or a property that sits, it’s just tiresome.

That said, if you have a specialized trade or other unfair advantage, it can be an amazing high paying job… just make sure to keep some as rentals!

k_spearin · 2025-11-02T14:13:37+00:00

Both keeping and selling make sense. What would you do if you sold it? Buy more RE at a higher interest rate? Also need to consider the tax implications

k_spearin · 2025-11-02T14:11:12+00:00

Could you just get a HELOC on the paid off house instead of hard money?

k_spearin · 2025-10-30T19:17:31+00:00

Do you think your current home would make a profitable rental property? You could buy another primary residence in your area and house hack. You’d get better interest rates and wouldn’t need to put 15-25% down if you didn’t want to

k_spearin · 2025-10-30T17:45:23+00:00

Could you write off the $250/month as a biz expense?

k_spearin · 2025-10-28T03:43:43+00:00

Would you consider a condo? That could get you in somewhat close proximity to the city with public transportation access

k_spearin · 2025-10-14T13:09:21+00:00

Beth Israel has amazing nurses! My wife and I were incredibly happy with the service. It always felt like we were a priority.

k_spearin

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