Updated about 2 years ago on . Most recent reply
Not sure best way to buy Moms house
My mom owns a home in McKinney, TX. Current loan outstanding is 190K on 3% interest. House needs updating but resale value is around 350-375k.
She wants to sell the house to move closer to me and her grandkids. She’ll need the money from the sale for down payment on her new home.
McKinney is such a great location and I could easily rent the home for 2x her current monthly mortgage payment, but I’m trying to figure out how to buy the house from her in a way that makes sense for both of us. I want her to get a fair offer, but I also feel like there’s an investment opportunity here somehow.
Anyone have thoughts on a creative way to do this deal?