I’m trying to decide if buying the apartment my parents have been renting the last few years is worthwhile objectively - (emotionally it feels right).
The landlord of the condo my parents have been renting has approached me about selling it to my parents or to me now for less than market value, with 6 months left on their lease. Asking $170k versus $190k market.
My parents are on fixed SS and I already know that aside from the down payment (which would have to come from me anyway), they do not have sufficient income to get a mortgage without me co-signing. If we don’t buy it, landlord won’t renew their lease and finding another rental in their budget, nearby, plus cost of moving would probably fall on me.
They have been regularly making the rental payments for the last few years. If I kept their rent the same, it would cover PITI + leave an extra $100 a month leftover - so around +/- $1,200 year on $34,000 downpayment.
There is no doubt that having them stay in this property works for them and the entire family - but I have never bought a rental property so I want to know if objectively it is also a decent deal, not just an emotional one.
TIA
Submitted October 09, 2021 at 10:15PM by Timely_Good_7340 https://ift.tt/3vaXRpD
