disabled son

[Vicki Gleitz]

My son has been severely disabled since he was a small child [he is 20 now] My husband and I spent hundreds of thousands of dollars looking for a miracle cure.[ now broke or would be doing more for him] We thought we had plenty of time to figure out how he could have a good future despite his disabilities. But then I got cancer and my husband developed congestive heart failure [we are old parents] Finally he applied for ssdi [on his late fathers earning records] He has been approved and receives backpay soon. He is incapable of working but we are hoping that we can help him to build an independent life through real estate investing.[ renting ouT property for now. at thispoint he is not near close to capable of living on his own] He will receive [I think] 15 to 20 thousand in back pay. That would be enough for a nice down payment on one of those 50 to 60 thousand dollar homes in Pueblo colorado. Until he is making enough money from investing, he will be receiving a regular check from ssdi, so he will have that money to show the bank. He has no credit history,none, so we sent away for a secured credit card this afternoon. Should we send for a second one? Also, we have someone willing to employ my son for 2 or 3 hours a week, whenever he is capable of it, to help clean and such, just so that LJ will be able to show employment. What else can we do to help LJ qualify, and how long will it take a credit card history to make a difference?

Thanks,

vicky

[Brian Mathews]

I won't tell you what you want to hear. But I'll be honest with you. I don't understand all the medical issues honestly, I have an idea of what it is, but do not know his functionality overall. It sounds like he is at some level.

Where will he be living during if he rents this place out? How will he pay for wherever he lives and any other living expenses? And if it is with you and dad, what happens when you die? And by your original post, it sounds like it may not be far away with you age and medical conditions. What will he do if somebody trashes the place and it takes a little while to fix the place up to make it livable again? You still have to make a mortgage payment, the bank isn't going to care about his condition. People will be generous and donate time and materials, but to continually ask for it is unfair to them. There's a lot more involved than buying a cheap house, renting it out and banking the money. You don't want it to turn into a curse for him and he get it repo'd. Then the money he has went for naught so he could have one big hurrah. I understand what you want to do. You love your son and want him to be happy. Nothing the matter with that. But you must use common sense along the way. My advice would be to talk to a mortgage lender and see what they think. Based upon what you are saying, I personally think it's a bad idea that will ultimately end in disaster for your son, based upon his medical condition and his inability to earn a legitimate and substantial enough income to cover any deficiencies should a tenant tear the place up or another significant repair is needed such as a new roof or a new heater.