Updated over 8 years ago on . Most recent reply
Buying home for mother, sell to her in five years question?
Hi everyone,
My mother had went through some credit issues a few years back and has been renting. I am in the financial industry and have been guiding her to get her credit back in line but I know it will take some time. Quick question? We live in Iowa so looking to purchase a 70K property for her essentially as an investment, put it on a 10 year term with her paying that mortgage payment (same as rent) and I would add $500 to accelerate to pay off at about 4.5 years. By this time I would sell it to her and take that money and invest into something else. I'm not in real estate financing and this would be my first so is this wise? I have about 30K liquid that I want to park a portion somewhere. Any tax implications when I sell to her in 4-5 years? thanks all!!