I am a Realtor. My mother wants to relocate from out of state to where I am in Georgia. She is on a fixed income but wants her own place when she relocates. She wants me to purchase an investment home, preferably move in ready, for her to live in and she will be my tenant for the 1st year, maybe longer. She wants to relocate within the 1st 2 months of 2020. It sounds good but how do I go about securing this 2nd home? Capital is tight and the only options I have encountered are a HELOC or a hard money loan. She does not have any capital to contribute minus the monthly rent. I can tell she prefers a condo where she is around other people with concierge services and such. In most cases, HOA's knock me way out of my price point. I have looked at hundreds of deals on and off the market. Still searching.
Should I do a HELOC? Any other options to consider that I may have overlooked?
If you can't afford an investment property, the simple solution is to have her move into a rental that you do not own.
If I were lookng to house someone like this I'd call the "Old Folks Home" type condos in the area and ask the board if they know of any "Don't Wanters" who have moved into other more "Cared For" type facilitates or moved to "The Great Beyond", and offer an OWC.
Plus you might want to consider getting her on Section-8, meals on wheels, and all of the other goodies she can qualify for.
@Gerald Evans You can purchase this property as 2nd home or can co-sign with parents as primary home. You can use HELOC as down payment. There are some DPA programs for primary home in GA. You can reach out to local bank for DPA program and banks offer their own funds for down payment assistance which help for down payment and closing cost.
|Children wanting to provide housing for parents||If the parent is unable to work or does not have sufficient income to qualify for a mortgage on his or her own, the child is considered the owner/occupant.|