All Forum Posts by: William A.

A relative is planning to sell house in Louisville. What percentage can they expect to pay for commission? Any other fees that are common for seller to pay? If they sell house for 240K what should they walk away with?

I completely agree. That is something I have complained about a long time ago.    There is not way to delete comments.   It's unfortunate. 

We have been researching options. We are meeting with a lender next week to discuss reverse mortgage. This might resolve my mother-in-laws dilemma.

@Morgan McConnell My advice is to focus on getting your finances in order. Have you heard of Dave Ramsey and the debt snowball?

@Merritt S. Thanks that makes sense. I thought about having her live with me , but I value my sanity .

@Eric C. Check back into this thread if things go south? 😂 .

Let me rephrase the question, since I did not get an answer to the question. What are the tax implications of renting to a relative - specifically a mother-in-law.

@Tracy Minick there is some IRS rule that if you rent to family members below market value you lose tax benefits.

@Jason D. I have considered that but would have ensure that I get money back if place if ever sold . There are two siblings that can’t help

My mother-in-law would like to buy a condo but I’m not sure if she can afford what she really wants.

I am considering buying a condo and renting it to her for what she can afford. How can I do this and avoid the “personal use” trap? Any suggestions would be appreciated.