My brother and I are wanting to purchase a house for my parents. We been through a lot as a family and are considering this as an option. We are both single and do plan to purchase homes of our own down the road (5-8 years). I plan to move out and rent an apartment with my girlfriend.
I wanted to know how feasible is all of this? What are some factors that I should consider? In addition, I heard it is harder to purchase a second home. What if I rented the house to my parents when I am ready to buy my own home?
Budget related information:
Myself:
Income: 73k annually plus 3k in other income.
-Expenses: 2600 - this includes a rent of 2100 that I am currently paying.
Brother:
Income: 75k
-Expenses: 1700-1900
The house we are looking at is 400k (USA). Please note that we are a 6 family household. So, everyone contributes towards something. I'm considering renting again. However, the move in costs, deposits, etc. make it appear as an unattractive option. Any feedback would be awesome!
Submitted June 10, 2019 at 10:26PM by codes4316 http://bit.ly/2IrIukk
