All Forum Posts by: Terri Hightower

Someone just told me that I can't allow my Mom to live rent free in the house? That doesn't make sense to me. Is it true?

Terri

Thanks Kathie. I might consider joining as I now have another property. As for the situation with this lady...after in depth research and verification, I'm taking a chance on her. 

Thanks for all the quick responses. Good ideas to consider. I do own another small 2/2 cottage that I rent out and it does have a mortgage. My Mom isn't in very good physical condition even though just 64. Her physical condition is deteriorating and she is no longer able to work and is receiving only her very small SS $. She might only have 10 years left of independence ...maybe 15 max. She is now living with me in a very small place and it is not a good situation for either of us. Financially it just doesn't compute but I'm torn because she's my Mom. I guess I probably need to consult a CPA Tax Real Estate professional?

Terri

I have inherited a basic brick ranch 3/ 1 1/2 home in Arkansas after long probate. It is paid for but needs work before my Mom could live there. More work after she moves in to upgrade to sell. Doing a cost benefit analysis as recomended  I simply don't see any financial benefit. I see money going out and no money coming in. There are tax deductions but not sure enough to fest or balance money going out. The only benefit is helping my Mom who is 65 until her health deteriorates to assisted living. Anyone with experience like this?

Terri

Thanks for the quick replies. Good to have different experiences to consider.  I don't see the option to reply individually...so: To Brie, hypothetically would you rent to this lady? To Lynn, I am going to contact the State. I had no idea that there were tough rules about what could be in the rental.I looked online and there's a contact number for property owners. Lawn work is done by me. I have a gardener who comes to do that and the cost is included in my rent amount. Repairs are done by a friend of mine who is a contractor. The house is in great condition cosmetically and otherwise. I've had a long term tenant who I hated to lose as she took care of it immaculately and based on this lady's rental references, that was their experience as well. This is the only rental I have at this point.

Terri

I am renting out a small 2/2 house in my area. I had an older lady come in who gave me a presentation folder that included her intro letter, completed rental application, her credit scores and rental into that she got from a prop mgr credit report site, professional, personal and rental references with contact information. All check out and are excellent references across the board. On time, quiet takes care of rental non smoker. She owned a small service business for over 20 years. She is looking for long long term. She has come to this area from a different state as she was born, raised, went to school here and has friends/family. She is impeccably dressed etc.She unfortunately now as a senior finds herself with only Social Security Disability and Section 8 Voucher, will be getting assistance to pay her utilities. A position she says she has never been in in her entire life...quote unquote. She just doesn't seem to be a typical low income section 8 renter from what I understand. Her situation is sad and I feel bad for her. However, I've never rented to low income section 8 before. I'm just wondering should I take a chance on her. My gut says I should as I believe she would be an excellent tenant but thought I better get some feedback. Whew! That was a mouthful lol.

Terri