All Forum Posts by: Ian Thompson

 Current job can't go remote, looking for one that will... Unsure where we want a home, we are open to a few states, so unsure what city to find a job since we don't have a home yet... Chicken and egg thing..

 Great advice Steven! I will consider that, thanks!

 We want a homestead to raise kids sooner than later, just don't want to be a victim in this impending recession, thought it might be smart to have renters, instead of be a renter. Come a few years down the road when things hopefully pick up again, I want to get into real estate more. Hopefully this is a starting point

Forgot to add Rick, she is currently working and will continue to for about 3 years before she retires, thanks for your reply!

I just got married, we live in an RV currently by choice (On parents land), I make $70k currently but have to drop the job because we absolutely cannot stand Michigan weather any longer and want to live in KY,TN,NC, or AR.. (Haven't decided yet but good thing our house has wheels) We will hit the road in 3 months to scout property's... We have excellent credit but with me quitting, my wife not working, and only $20k saved we're not in the best place to buy property I want.. (15+ acres where we can have a house for us and future kids, along with a house for my parents, they will be moving too just in a couple years).. My wife wants to have kids yesterday so we don't want to wait too much longer... My moms house is worth $500K, she still has a mortgage on it though.. She offered to buy the Out of state property and we would "Rent" from her... 

Question... What if before Mom did that, we bought a Multi-family? Then she could have extra income going into retirement... Would she still qualify to purchase the out of state property? after just getting a mortgage on a rental unit? That's my question... 

End goal is a homestead for all of us, but! If we can house hack before then.. Would that be better? Or not? 

@Steve Vaughan

Nothing more needs to be said! Appreciate the advice. Definitely won’t go through with my idea.

@Kyle J.

Honesty it’s that simple, she wants to die in this house, doesn’t care about having it as an asset long as she can reside in the house, she wants the debt off her shoulders. I know it’s odd. I guess my question is... which would be better, her co-signing on a loan with me? Or the first plan I said? She’s good with both.

@Henry Clark

Thanks so much for the reply I will research the points you mentioned, and yeah this is her 2nd if not 3rd refi for cash out reasons I believe. She’s not great with finance and gladly I know enough now to start helping her. She should downsize but her and my father built this house from scratch so there’s a huge sentimental reason for her to stay. We have a great relationship and she frankly doesn’t care about having the house as an asset. She’d much rather having the debt off her plate even though it doesn’t exactly matter.

My mom and I have a fantastic relationship, currently I live at home and keep the house up. I’m 26 unemployed because of Covid and have $30k in the bank. Excellent credit history and minimal debt. I want to learn real estate and started studying to be an agent (Gain experience, connections, and income) win! Anyways I had an idea.. My mom to gift the house to me, this would benefit her because the house still has a mortgage so I would take on the debt. She would just pay me rent, the same amount she was paying. She’s close to retiring. And it would benefit me because I could borrow against the house in the future to secure a better interest rate on a loan, correct? FYI house is worth around $450k but $150k is still owed, this is the second refi she did I think. So smart or not? Thanks for the reply’s!