All Forum Posts by: Daniel Smith

Thanks for all the feedback. Maybe I should have prefaced my question with more backstory considering the more personal nature of the replies. Of course, I only have the best intentions with this for my grandma, and yes she wants out of her current unit and often talks about wishing she never sold her old house. She's not your typical "grandma", she goes out, is independent, drives to meet her friends for lunch and dinner, etc. 

Her only income is from social security and small pension, and the thought behind it is simply to use it to pay for a small condo instead of paying rent to some other person. It's not like we would be bilking her life savings here. I'm not sure I follow the reasoning of the family paying rent for her? Wouldn't it make more sense to take a small hit every month or zero cash flow, buy a condo for her, and have the SS and Pension pay the mortgage?

Hello all, long time reader first post.

I've been looking for my first real estate property for a while, but now something came up within the family I'm considering. My grandma currently rents out a senior housing apartment, so another close family member wants to partner up and buy a condo for her to rent. Doing the math, she could cover all the costs but it wouldn't really cash flow but very little. Yes, I realize there are better deals to be made out there; but for my first investment property it seems like a pretty safe way to get my feet wet. Thoughts?

Thanks in advance,