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Posted to misc.consumers.house
Legbuh
 
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Default Loan money to parents to buy house?

ameijers wrote:
I bought the house my father is living in now, and rent it to him.


That is actually one idea I had. I am going to talk with my tax guy
about this. The only issue may be that there are 6 kids in the family.
I am the only one that could come close to doing this for them.

So lets say I buy it for them, take rent which pays the mortgage (and
taxes? etc..). They die. I sell it and triple my money (the way my
mom is talking, it will.. but I know it's mostly the realter blowing
smoke). I could see a couple of the kids thinking they deserve some of
it. Maybe.

The final problem is that they already have made a couple offers,
haven't had an inspection or any contingencies on the offer.

My mom thinks because it's a doublewide/modular home built in 98 that
it doesn't need an inspection. I told her if I was going to help, there
would be an inspection, no questions asked. and I would even pay for it.