We live in California. My father owns an apartment which he bought for 150k, today he rents this apartment out for 2100 per month and his mortgage on that apartment is something like 1,300 I’m not exactly sure. On top of his mortgage he also has to pay 400 $ in condo fees. At the end of the day he he makes about 400$ profit by owning this apartment. Once tax comes into play it’s basically an equal investment. On the bright side this apartment now is worth about 280-340k.

My dad makes about 90k a year before taxes. He has about 40k in CREDIT CARD DEBT (insane I know. He also has a monthly payment on one of his cars which is 700 fricking dollars a month (absolutely ridiculous), in which he owes about 30k on. He’s lost all motivation to get another job, or improve in his career and it’s driving me insane because I’m out here working 60 hours a week while he thinks what he makes is enough for this lavish lifestyle he wants to live.

Essentially I’m thinking we could sell the apartment, take the maybe 90-100 k profit, pay off all his debts and use the extra money to buy a house under my 18 year old brothers name who brings home 60k a year (my brothers a machine). Prices in cali are high right now but I am an MLO and I know we can find a good multifamily to buy and rent out while we keep living in the house we are currently renting for 2,300 a month. Is this a good move? My fathers credit would be great if he had no debt and their DTI along with the rental appraisal could get us good pre approval to start shopping, I think interest rates will drop soon which is why I want to buy NOW before prices shoot up again.