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Updated over 6 years ago on . Most recent reply

User Stats

16
Posts
9
Votes
Aaron Arthur
  • Chicago, IL
9
Votes |
16
Posts

When family is involved the money pit begins. Need PM and advice

Aaron Arthur
  • Chicago, IL
Posted

My fiancé and I bought a 3bd 3ba sfh in Waukegan, IL.  We agreed that I would house hack while she finished her job in San Diego.  I am active duty military and was stationed in IL for a time.  I allowed my newly divorced brother to rent a room, then we found a roommate to rent the basement suite.  Perfect set up so far.

A month later my mom comes to visit because of a death in the family.  This visit turns into an extended stay and mom agrees to rent my den.  Here's where looking out for family with my business gets messy....

I am suddenly called to duty back in San Diego. After 2 months, my brother stops paying rent and moves out without telling me.  The month after that my tenant in the basement moves out without notice.  Then my mom suddenly can't come up with rent but she's the only person in this house.  She's on disability and has no where to go back home to.

There are repairs that need to be made and my mom has to go.  While at the same time I need to find renters asap.  My fiancé and I have no clue where to start or how to tackle this.  We've been paying our mortgage in IL and our living expenses here in California.  MONEY. TOILET. FLUSH.  Any suggestions or reccommendations will help the brainstorm.

Most Popular Reply

User Stats

1,272
Posts
930
Votes
Ray Harrell
  • Investor
  • Chicago, IL
930
Votes |
1,272
Posts
Ray Harrell
  • Investor
  • Chicago, IL
Replied

Never rent to family members. They seem to think you own the property free and clear with zero expenses.

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