All Forum Posts by: Patricia Baker

Hello Patricia, it sounds like you’re facing a challenging situation, and you’re exploring creative solutions to keep the property without incurring unsustainable expenses. Like you said, a real estate attorney would be a valuable person to talk to, but here's what I have:

Considerations: short/long-term rentals, co-ownership

To keep your favorable mortgage rate, you can consider a Joint Tenancy or Tenancy in Common agreement without refinancing. However, this requires careful legal handling.

Other options:

Reverse Mortgage: If your parents are over 62 and the home is their primary residence, a reverse mortgage might be an option to access equity without monthly payments.

Home Equity Loan or HELOC: If you have significant equity, consider a home equity loan or HELOC to cover your parents' rental expenses, then repay it over time.

The Good: Co-ownership can provide financial relief and shared responsibilities. It can also maintain property value while providing potential rental income.

The Bad: Disputes can arise over payments, property use, and management. It’s crucial to have a solid agreement to mitigate these risks.

The Ugly: Without clear agreements, co-ownership can lead to legal battles, credit issues, and potential loss of property.

By carefully planning and seeking professional advice, you can navigate this situation effectively and find a solution that works for you and your family. I am a licensed loan officer, and I understand this is a lot of information and if you'd like to discuss further, I am happy to. Please don't hesitate to schedule a time to chat with the link below and best of luck!

https://calendly.com/tycoutts

Thank you Ty - it's definitely been a challenging situation, post 30 days of hospitalization for my father and now managing his care full-time while working. Hence I'm seeking advice from others as I feel my mind and bandwidth are both challenged and likely not thinking as clearly as I would normally. I'm trying not to make a rash decision but also not get myself into a financial conundrum. Really appreciate your comments, thoughts, and advice.

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Hi All, newbie here. I purchased a property in a Del Webb 55_ community, with my parents in Indio CA, 3 years ago. My parents have been living there until recently when I had to move them back to the Bay Area due to heath issues. I don't want to sell the property, however given the need to rent another place for my parents I can't afford to keep it solely on my own. I'm considering short- or long-term rental but current demand is low due to the offseason. I'm also thinking about looking to co-share the ownership. My thoughts are to have an investor that buys into the current equity ($200k / 2 = $100k buy-in) Home value is +/- $645k (++ golf cart and fully furnished) splitting the mortgage/utilities/upkeep expenses going forward (+/-$4700 / 2 = $2350 monthly) and split the use time of the home and all future profits 50/50.

Any experiences, the good, the bad, and the ugly would be appreciated. Also, how would you work the current title without refinancing, as I have a great rate in the 3s? Anything that I would need to do to protect myself from someone not paying their portion of the expense going forward and having their name on the title? How can I prevent them from listing the home? I realize some of these questions would require a real estate attorney, but hoping I can get some insights and perspective from others who might have experience. Open to other suggestions/ideas as well.

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All Forum Posts by: Patricia Baker

Patricia Baker has started 1 posts and replied 2 times.

Post: Looking for advice on Co-Share property

Post: Looking for advice on Co-Share property