Skip to main content

20 and being given an studio apartment by parents with a mortgage. 21k in savings. Pay down part of the mortgage or save for a new down payment for a rental property?

I'm 20 and currently in college. Parents bought me a studio apartment that I'm staying in. Currently I'm renting from them, but they say they're willing to transfer the apartment to me if I pay all the expenses (For they're currently operating it at a loss).

The studio apartment is worth just around 90k. The mortgage I'd be paying down is around 60k. I have 21k in savings.

My question is, if I want to one day be wealthy, should I put my money towards a new down payment for a rental property in the future? OR should I just play it safe and pay off a big part of the mortgage on my property?

I don't really know how to navigate all this... I've never done any real estate stuff before.

submitted by /u/Adam_Goth
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/17u5832/20_and_being_given_an_studio_apartment_by_parents/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Looking for Prospective Opportunities to Utilize Floor Plan Redraw Skills

"Hey HomeOwners & Investors , I have a team of 10 professionals who are trained in redrawing/redesign floor plans in both 2D and 3D interior& exterior using floorplanner.com/3ds Max and TruView point cloud. We're looking for prospective opportunities to utilize our skills. Are there any companies or individuals in need of accurate floor plans and measurement reports ? Any suggestions for where to start looking? Thanks in advance for your help!" submitted by /u/mangojuicelife [link] [comments] source https://www.reddit.com/r/RealEstate/comments/119uoh0/looking_for_prospective_opportunities_to_utilize/
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more