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/u/changingobsessions
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Does anyone have experience helping buy a home for a parent and if so, would you recommend doing Joint ownership or an investment property loan?
Some more details: My mom is looking to buy a home in Arizona for around 300k. I'm located in California and would not be living with her.
Together we have 80k saved up for down-payment/closing costs etc.
She would pay the majority of the mortgage while I would send her $800 a month to help out.
If I did an investment property, it would just be me on the loan and she would send me money each month for the mortgage. I understand that I couldn't charge her significantly less than market price on rent for this to work, but plan on taking care of the utilities and other expenses to help out instead. It seems like this would help on taxes more?
If we did joint ownership, would she and I share the tax break?
Thank you for any insight!
submitted by /u/changingobsessions
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Buying Home for Mom - Joint or Investment?
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Some more details: My mom is looking to buy a home in Arizona for around 300k. I'm located in California and would not be living with her.
Together we have 80k saved up for down-payment/closing costs etc.
She would pay the majority of the mortgage while I would send her $800 a month to help out.
If I did an investment property, it would just be me on the loan and she would send me money each month for the mortgage. I understand that I couldn't charge her significantly less than market price on rent for this to work, but plan on taking care of the utilities and other expenses to help out instead. It seems like this would help on taxes more?
If we did joint ownership, would she and I share the tax break?
Thank you for any insight!
submitted by /u/changingobsessions
[link] [comments]
Buying Home for Mom - Joint or Investment?
Continue reading...