Updated 4 months ago on . Most recent reply
Mom in law troubles
Im not sure where to post this but here it goes.
My mother in law has a 2b 1b in Elizabeth, NJ and we live down here in Tampa, FL. We just got word that she is being laid off. She has a severance package and is very close to retirement so she's worried about the mortgage. Her health has also been declining at a rapid rate and she's losing her memory. She wanted to sell the house and take they money to live out her days in a small apartment but my wife and I said that this wasn't a good idea.
Our suggestion to her is to keep the house, we'll have to find a way to manage it from a far but to either rent it out or airbnb it. She is very subborn but worried so I want to ease her mind. She bought it back in 2018 and the payments are low. What should we do and how should we go about this?? What issues or dangers should we look out for??
Most Popular Reply
Memory issues? Out-of-State management?
This is not about what you can do, it’s about what mom-in-law can do. She can sell, skim $250k off the top in profit and put the money in trust for daughter to manage while she lives care free in an apartment near family, friends, whomever.
assume worst case scenario: mom-in-law rents to a deadbeat tenant who trashes the place. Who is going to handle it, and how?