[BostonBMW]

(09-04-2014 07:34 PM)el mechanico Wrote:  

Buy a three family fix project house with one good unit. Live in the second best and Reno then Reno the third and rent it out when it's done., if I remember you are in this biz so should be a slam dunk

Good advice. I'm working on a deal that might be able to do just that.

Yes, I have a side hustle in RE and I could definitely get a triple decka and make some solid moves here. Financially it makes sense.

[BostonBMW]

(09-04-2014 08:55 PM)Laner Wrote:  

I have had a few asian friends go through this. The first and most important step is to step out of the parents/child dynamic and be upfront and no bullshit about boundaries. Tell your dad about the pussy, and that he needs to put your mom in line should she try to cross it.

Second do what ElMech suggested. With family money comes the advantage of capital. People in places like Boston are used to living in complete shit holes for insane amounts of money. Buy a place and start renovating. Use family connections, family labour, child labour, anything to get the third unit rentable. By the time your folks pass on there should be a decent amount of rental income from a three unit place and you can use the equity to buy a place that has heat and straight walls.

Thanks for the response, Laner. It makes a lot of sense. I'm trying to set up this 3 fam situation in/near Boston with this plan in mind. I think that establishing boundaries will be really important. I love them and will of course be there for them, but I also need to do my own things.

This is why RVF is my go to spot for advice. I get some non-judgmental advice from intelligent people, who I may not have met, yet make more sense than the people I know in real life!

[lowside]

let them live in the same town, DO NOT let them move in with you. make your relationship dynamic such that it is usual that you go see them, not the other way around.

take care of your parents.

[BostonBMW]

(09-15-2014 02:31 AM)lowside Wrote:  

let them live in the same town, DO NOT let them move in with you. make your relationship dynamic such that it is usual that you go see them, not the other way around.

take care of your parents.

Definitely the scenario I am trying to set up. Real Estate in Boston is getting crazy expensive, so I need to make the right moves.

Alternatively, I can set up a crash pad with roommates when I need to get some time with the chicas in the rotation.