AIE 153: Doing Your First Deal with Your Family
Adulting Is Easy: Making Personal Finance & Real Estate Easy
English - November 27, 2023 17:07 - 27 minutes - 25.3 MB - ★★★★ - 7 ratingsSelf-Improvement Education Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Since Brett bought his first house in 2022 and his first investment property in 2023, Lauren had to ask about investing in this current environment. Brett did this deal with his grandparents, and it was a great entry point for all of them! Interestingly, the deal is out of state for all of them. Brett breaks down his numbers of his first (primary) home, a townhome. Then, the two transition to breaking down the rental deal, and start by talking about working with family. His grandparents were doing a 1031 exchange of some land. They looked at 15 homes in one day before they bought a single-family home. Why would his grandparents want him in on their deal? He handles a lot of the paperwork. He’s taken on more of the mortgage and brought a personal line of credit to the deal. And there are estate planning benefits as well! A huge advantage is going through this
adventure with his grandparents. And he bought of out state (he lives in Florida and his grandparents live in California) in Missouri because housing is still affordable there. Unlike Lauren, Brett likes real estate and loves the stock market. Lauren can’t help but wonder if he’ll change his mind over time.
UPDATE: Brad did collect rent for Nov 1
If you liked this episode, you’ll also like episode 26 where I interviewed Brett about his student loans or 116 about land flipping.
About Brett:
Brett Holzhauer is a self-proclaimed personal finance nerd. He currently works at M1 where he is the Content Marketing Manager. Before that, he was a personal finance reporter at CNBC and Forbes. Along the way, he has been on his own financial journey. He successfully paid off $80,000 in student loan debt, while buying his first home in South Florida in 2022, and just recently completed his first investment property purchase in September 2023.
Connect with Brett:
https://twitter.com/brett_holzhauer
Connect with Lauren:
https://twitter.com/AdultingIsEasy
https://www.instagram.com/adultingiseasyreal/
https://www.housemoneymedia.com/