All Forum Posts by: James Terry

Thank you Chris,

This is something we will definitely keep in mind, as long as her condition doesn't deteriorate. 

Best,

Jim

Thanks for your response Andy! Yes the property would be in California. I was worried about the eviction process as I figured that it's miserable here in CA. But moving up to a fourplex is something I had not considered and I will definitely look into that more. She's been staying with us in the interim and we have started to see just how difficult it is. She needs 24/7 care so we will be moving her to a facility for now, although it is expensive and unsustainable in the long run. That will give me some more time to investigate this further and not rush in to it.

Thank you again,

Jim

Hi all, I am a limited experience investor. My wife and I own 2 SFRs in Southern California- one is our primary residence, the other is in Palm Springs and we rent it out using Airbnb / VRBO. The latter property has been quite successful and supports itself and hen some. 2 weeks ago my mother-in-law fell off her bed in her senior community apartment and broke her arm. She has been in the hospital with surgery and then to an assisted care facility. However she freaked out on day 2 in the facility and did not want to be there so now she is splitting time between my house and my brother-in-law. We see 2 options - building a place for her in one of our garages, or I wanted to buy a duplex and have her live in one half while we live in the other. Does anyone else think this is a good idea or bad idea? I am trying to convince the family that this is the best course of action rather than shelling out $4k a month for her to be in a facility she's going to hate anyways. Our budget is around $600k. I wouldn't be opposed to going higher if we got a triplex or 4 plex so the additional income can help with the mortgage. The other consideration is can I kick out the other tenants if I want to move her in plus us as an owner occupied 5% down loan? I want to do this to minimize my cash investment. She had $60k in savings but I don't want to use that if at all possible (maybe for renovations) but we want to be able to move to another property and expand our portfolio in a couple of years and don't want the family to feel like she paid for that place just to our benefit. Any help would be greatly appreciated, and if anyone is a real estate agent that could help us too that would be great. We have identified quite a few properties that meet our criteria. This is my first post to BP so thank you all in advance. -Jim