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Updated about 3 years ago,

User Stats

11
Posts
8
Votes
Andrew Agosto
8
Votes |
11
Posts

Buying Rental Property from Mom

Andrew Agosto
Posted

My mom is retired. She took over a few rental properties when my father died and it's been a nice source of income for her since they are paid off. However, she has expressed interest in being done with the landlord thing and has asked about my interest in buying. At the time I said no because they're not that convenient of properties for me and they provide good cash flow for her. But now I'm giving it a second thought that perhaps I could buy, give her a chunk of change up front and work out a loan to provide some steady income for her, skip the banks and start locking in any appreciation now (and not have to share it with my sister someday). Does anyone have any thoughts or experience on this? Other things to consider? Tax implications etc.?

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