Mother has around 200k and is around 65 years old, she wants to spend 25k to buy a 140,400 house to rent to a needy family she has become attached to, the woman is single whom she is trying to rent it out to and makes $750 a month in disability checks and she has five kids who she also receives some financial aid from the government from. My mother is very attached to the children and wants them to be in a better area, I respect that but I want her to be financially healthy and stable.
I think this is a horrible financial decision and she thinks it’s a great one to own extra property. She is renting out one property and making no profit already. Am i wrong here? I’m trying to figure out a way to explain to her this is not good for the long run. What should she do instead that I could present to her?
Submitted November 21, 2018 at 09:15PM by mxivme https://ift.tt/2P1azk4
