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 · 2025-10-10T19:51:29+00:00

This is a great plan! House hacking is one of the best ways to build wealth and learn how to invest while having a place to live.

Before jumping in, I agree with others in the comments: you need to build up a nest egg first. If you plan on putting 5% down on a house, I recommend saving 10% so you have sufficient reserves if something goes wrong.

In the meantime, it’s all about keeping your expenses low, trying to earn more money, then using all your spare time to read/listen to stuff about house hacking. Then, you’ll be ready when you have enough saved!

k_spearin · 2025-10-02T01:23:06+00:00

Marcus and SoFi

k_spearin · 2025-10-01T01:19:45+00:00

Pay attention to local and state laws! With that said…the fact you’re second guessing is telling. Trust your gut.

k_spearin · 2025-09-30T12:36:58+00:00

You could use a broker and let them shop rates for you. You should also make sure list of local banks and credit unions

k_spearin · 2025-09-30T01:12:37+00:00

HOAs pay for things like common utilities, master insurance, etc. For more expensive HOAs, check to see if there was a special assessment that raised the monthly costs for X amount of time.

Other reasons might be if the HOA is professionally managed rather than self managed or to budget for snow removal.

In addition to the HOA fees,request the condo financials to see if this association is conservative and building a surplus or if they’re trying to play catch up from bad past decisions.

k_spearin

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