Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
General Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago on .

User Stats

3
Posts
0
Votes

Rent to Family (mother in-law)

Posted

Should I buy a small home like a  2/1  and rent it out to my mother in-law? 

    She and her new husband is currently renting a duplex for the last 3 years never miss a payment or late. Her credit score is in the high 700s maybe  800s now but her proof of income show shes not making very much. Shes a hair dressor in her own home  with regular clines that's how she make her money but not showing on her W2. Her new husband is working everyday lay tiles and odd constuction job 5-6 days a week again not showing on W2 because he's waiting on paper from immigration .My question is should I buy a house and rent it out to them and get couple hundret dollars cash flow for couple years and refinance cash out to get my 20% down payment back and then sell it to them for what I paid for?  The duplex they living in is crappy and dated , landlord never improve the property but raise the rent every year.

    I just wanted to improve their living  quality of life  they both hard worker and responsible with their money.  Some of friends said don't do it , some said never do business with the Family. I am confuse why can't it be a win win situvation ? thank you for reading and feel free to comment.