I'm 23, married no kids, making $35-40,000 depending on overtime. My income is our only source right now but my wife plans to get a part time job once she receives her work permit and can begin school. Living in a relatively low COL area in the southeast. We're both in good health. Rent with a room mate.
My mother is 54, an RN making around $62,000 a year. Not sure where she is on debts and savings but for sure better now than she was a couple years ago. Also in good health overall. Rents a house for herself.
We started throwing the idea of going in with my mom and purchasing a duplex together, with her living on one side and us living on the other. My thinking is that this benefits everyone because with our combined household incomes we would hope to have the house paid off by the time my mother retires at 67, giving her a secure and paid off living space to retire in, and setting me and my wife up to own it as a paid off rental property after my mom passes away. We have a very good relationship with my mom and want to make sure she is taken care of in retirement, because she hasn't done much of anything to plan for it so either way its going to fall on me as her only child as it is.
Am I missing something here? In my head this seems too perfect an idea and I feel like theres a critical issue thats not popping up. I appreciate any help I can get!
Submitted August 26, 2018 at 10:48AM by SoberWarden https://ift.tt/2wrEMRJ
