Using other peoples money for down payment.
Hello everyone.
So I'm looking at a town home 2/1, 975 sq ft, central air, 1 level end unit in Connecticut for 59K. I put in an offer today for 50K. I have an interesting situation here and hope some of you can give an opinion. Mother-in-law needs a place to live and I would need a tenant. She is willing to gift me the cash for down payment and closing costs. She will pay all expenses...HOA fees, taxes, mortgage.
My profit per month will be $0.00 but everything else would be paid by her, approx $700/mt.
What are the benefits here vs putting up the cash for the down payment myself and getting $1050/mt. My MIL is very reliable and would be a great tenant.