Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 9 years ago on . Most recent reply

User Stats

10
Posts
3
Votes
Chris Conner
  • Northville, MI
3
Votes |
10
Posts

Advice with rental home

Chris Conner
  • Northville, MI
Posted
Hi I am new here and I'm not sure if this is the right place or not. I live in Michigan. So my mom wants to Downsize to a condo. Her current home she is in is worth about 230k and she owes 150k on it. Taxes are about 8k a year and her payment is around 1400 per month. She is just getting out of the 7 year bk situation as well. So here is what I was thinking. She can refi her current home and get s lower monthly payment the. Rent this home out for around 16-1800. Then I could find her a condo and buy it and have her rent from me. This is nothing I'm trying to make cash flow on but more of a long term investment. No there a few options that could happen. Should I buy her current house as well and rent that out as well as the new condo ? She doesn't want to deal with renting of the house. She just wants a co do and a reasonable payment. So I would be managing the rental anyways. I'm just looking for advice what would be best for both of us in the long run. Also what would be best for taxes in the long run. Thanks Chris

Loading replies...