All Forum Posts by: Kathy C.

I’m sorry but I find this too risky and feel like it would over extend you. (But I also don’t know any of your financials and this is definitely more of a personal finance thread!) Look at two bedrooms and get a pull out sofa for your parents. My reasoning is because I’ve personally seen his senerio Many times with fellow friends and my Own parents who bought with their parents. Yeah, that makes for great family dinners.... And this was in healthy markets with people saying the same things. You also didn’t answer any of the financial questions I brought up. Such as who is going to pay an assessment if it occurs? What if things happen and the market goes down or you need to sell and move. Who is responsible for bringing money to the table to close? 

So since they inquired about investing ask them to buy an investment property for themselves and only themselves that they pick. You can then ask to rent it from them. If you need to move they can charge rent on the property and no splitting Is required. This is just such a red zone whenever you involve family - from experience. How do you feel about this? They can build equity, help family and get an investment property that they can do whatever with.

Also, why not look into one bedroom places that you can afford yourself without the risk of family coming into the deal. 

How would the selling process go if the condo lost half it’s value in the next 3-5 years? Who will cover any large assessments if the occur? It seems like you’d like to buy as a personal residence. That’s a pretty hefty portion (40%) that your parents are paying for each month for 30 years. Would they be staying two weeks or longer out of each month? What if you couldn’t handle the living arrangement. I want to toss some negatives in there that maybe you should consider. 

is he positive about the rental amount for the area. It’s not impossible but that much be an extremely nice unit for that location to command the price for LTR. Maybe the neighborhood has changed? 

I don’t personally think a cleaner is willing to do one room. They usually have a three hour min here. If you are getting a price around $100 that is cheap for a cleaning 

if you charge a $40 cleaning fee to the guest are you willing to eat the rest of that cost? Will that expense bring in more money? Therefore, making the $100 plus cleaning worth it.

that’s not a livable unit legally, at least I wouldn’t think with that ceiling height. 

I would choose to sell or do the heloc if you really want to be a landlord. $250 over the monthly expenses will quickly be eaten up in repairs and misc rental expenses. If you feel the market will be a great increase, keep the home. 

Thank you for the information! I’m looking at investing in the area

Anyone familiar with investments in this area? How do you like your returns so far?