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Updated over 1 year ago,
But big house with mom and turn current houses into rentals
Hello, my mom's house is paid off worth around $400k. My house is about 2/3 paid off worth around $400k. We want to buy a big place for my young family with land and a MIL suite. My house is in my name and my mom's house in her name. How can we leverage the equity of both of our houses to buy a nice place? Budget around 800-900k.
i just don't know the best order of operations to get her and my family into a new home and either sell or rent our homes. It's not really feasible for her to move into my house or my family of five to move into hers. And I'm wondering what's best to do. Her house has a pool and I don't know what that's like as a rent house.
i have no rentals and think this is a great chance to get into rentals. Or just sell both and put into one house but I don't know the legal hoops to do to not have to pay capital gains on the sales.