I graduated college a year ago and am making about $70k/year.
- 6k in 401k
- 2k emergency fund
- 20k student loans - most of my extra cash gets dumped into these loans.
- 770 credit score
My main question is, is it feasible for me to buy my mom an apartment with my financials? She is 50 years old and is currently paying $800 for a studio.. I am looking at an area that has condos from 60k-80k. (1/1). Would this be a smart move? I know she would be able to pay the mortgage on it instead of throwing $800 in rent.. I'm viewing it as a win-win because i'll have an asset in my name and when its payed off that will be a huge stress-reliever for me years down the road without worrying where she'll live..
Are there mortgages for that amount? Or does it have to be cash? Also, how would this change my tax situation?
Submitted April 30, 2018 at 08:11AM by HumanBeannn https://ift.tt/2w0YAPb
