Updated over 4 years ago on . Most recent reply
Buying an elderly person's home who would like to stay
Hi, I have a my neighbor that needs to sale her home which she owns, no mortgage. Home is worth about 500k to 600k and needs TLC before it can hit the market. Homeowner is selling bc of financial constraints (owes about 200k, can't afford 17k property tax). She knows that she'll get the most out of it but advertising of the market but after she pays her creditors she's only going to be able to afford a coop and the financial issues are prone to reoccur. Knowing I invest, she's asking if I'm interested in helping e.g. give her 200k and allow her to live in the home almost free of charge. Any thoughts as to how I can structure a deal that would be beneficial for both of us?