Parents want to sell me their home and rent it out from me WDID?!

[John Boonphitak]

Hi All,

This is my first post ever on BP, please bare with me as I break down the subject.

My parents have a home that they would like to sell to me. I have a home of my own and am currently paying the mortgage off of that one with the help of having some rental one of the bedrooms out.

I do not want to miss this oppurtunity as I can use my current home when I take over my parents as some kind of investing property (more or less, rental)

Although when this time comes around, I will still be paying my own house's mortgage, they essentially will be still living there paying me rent for the mean time as they wander to look for a smaller property for retirement.

Any advice on what I could do?

Thanks in Advance.

[Scott Passman]

@John Boonphitak I would run the numbers on this to see if it makes sense.  Take the fact that it's your parents house out of the equation and analyze it objectively.  If the houses would cash flow and make sound sense to invest in then go for it.  If you are primarily interested because it is your parents home and the numbers don't really pan out to be a good investment, then pass.