My mom purchased a mobile home in a mobile home park almost two years ago. It's as predatory as it gets. At the time I tried to prevent her from doing so, but she insisted because she "Owns" it. It's glorified renting. My annoyances aside what's done is done. The only issue is they keep jacking up the lot fee, unsurprisingly. She's paying around 1200 a month, started at 900. The shit hole place is way overpriced. She doesn't have the credit to get her own house that is not a predatory loan. If I buy a house for her she would be paying for all the costs like a renter would without the renter markup and credit check. So the only cost to me will be the down payment which I have. She also will be chipping in what she has which isn't much ~ 1000 but it makes her feel better. She feels immense guilt knowing I'm her retirement plan.
My Concern: TAXES! what would this entail for me tax wise? I will eventually return to NYC and I would own a home in a different state (FL). Would this affect me renting in NYC? I.e. Prevent me from getting a studio? The houses I am looking at are under 200k, current front runner is 179k. Do I have to acknowledge that I rent it out? would that help or hurt me tax wise?
This whole plan has perks. She'll have an affordable place that isn't trash. I'll have the peace of mind knowing she's not under a predatory loan, plus paying a lot fee. The house would be an investment for us. The area I am looking at is a fast growing neighborhood. A ton of homes are being bought and renovated for profit. Home prices are expected to grow in the area. So if I sell it down the line I won't be losing money. Both our industries are strong so not expected to be affected by the pandemic.
Submitted March 05, 2021 at 07:37PM by papalaponape https://ift.tt/3efovqK
