When the parents may want to move in with you . . .

[Christina R.]

I apologize if this topic has been addressed before .

Would love suggestions on this topic - my parents are getting to that age where their house (mortgage free) is getting to be too much for them. I'm their only child and about to have "the talk" about what their ideas are for the future in relation to their house (among other things).

My husband is completely on board with them living with us, if they would like. In order for us to combine households in a property where we don't feel like we're on top of each other, we'd need the proceeds from their home to do so (we live outside of the DC area and land/big houses are quite expensive). My hubby and I would rent out our current house because we do have a mortgage to contend with.

One point before I forget is that THEIR house has quite a bit of deferred maintenance. It's a 3 bed/2.5 bath colonial with a pretty open layout (considering it was built in 1969) which would have to go one of 2 ways -

1) HELOC it and do a total rehab then list and sell for top dollar, pay off HELOC and use proceeds to fund this "joint venture"

2) Sell as is, which is def going to be 50 cents or less on the dollar compared sold comps in the neighborhood (anywhere from 300K to 500K) and use proceeds to fund this "join venture"

---> I'd love to hear pros and cons to both of those points <---

From an investor perspective - what is the best way I should approach this? Obviously, we'd love to get as good a deal on this venture as we'd like to on a buy-n-hold cashflow rental. But how do you market to people who own 2 or 3 acre lots (which I'm seeing on the MLS) or those in 6+ bedroom houses - I should ask which would be the BEST way to market to these owners?

My ideal scenario would be that we find a 2 or more acre lot, hubby the 2 kids and I are in the "main" houses and there is a cottage house or some sort of agreeable sized outbuilding where my parents are -- hence, they are close enough where we can help them out but both families have their own space.

This more than likely would have to be new construction as I don't know if these types of properties are available around here (at least listed on the MLS).

And of course space costs money in real estate.

Any suggestions (other than don't do it, ha ha!), perspectives, etc., would be appreciated.

Thanks!