Irrelevant background information: Grew up in an abusive household my entire life. Recently me and my sister (24) finally moved out of the house and cut off ties with my father. I am at college paying my own rent in Santa Barbara. My sister has a full time job at 18/hour living in LA. The house in question is in the San Fernando Valley. My sister and I are both able to provided for ourselves and are in a decent situation financially (at least I hope).
My father is now leaving for another country and letting us be. The issue is my mother has a very dependent personality, does not have much education, and also only holds a green card. So in essence, it's going to be up to me and my sister to make sure my mom is in a good position financially
Actual Background Information: We have a house in Arizona which I have no idea how much it's worth. My father most likely will be taking whatever money he gets from selling it so I'm not worried about it. For the house in the San Fernando Valley and the one I am concerned about, I can see off sites like Redfin that the house is valued at about 350,000 and the outstanding mortgage is more than 60k.
Questions I have:
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How and where do I go about figuring out what debt my parents are in?
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How does paying a mortgage even work (how do I find out how much it costs and how to pay it)? Also what are the other costs (utilities, etc) I should factor in owning a house?
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My father apparently leaving us a 3 month leeway. Ideally I want to be able to rent out this house to pay off the expenses of this house. How do I go about doing that?
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Related to the previous question: If anyone knows about LA Valley rent prices, would it be better for my mom and sister to live in that house or have find a studio or something for my mom and rent out the house?
If I get any responses, I'd love to start a dialogue and ask any more questions I have. Thank you for reading this far and thank you to anyone responding.
TL;DR: Would it be better to rent out a house or live in it? How do you pay for living in a house?
Submitted August 12, 2017 at 06:26PM by cookiesupass http://ift.tt/2uQJ4iN
