Hello r/personalfinance,
Not sure if this is the appropriate sub for this so please let me know if there’s a better place for this. Post below!
My wife’s grandfather offered $200,000 gift for a downpayment for a house and as good as this is for us, we still have many questions on the process.
Our household income is around $5,500 Net after taxes and we currently pay $3,400 in rent + all bills. I know, ouch!
We’d like this gift to be used towards an apartment we really like, in a good “up and coming” area (we were thinking Miracle Mile, East LA, Culver City, Highland Park, and open to suggestions) that we can rent out down the road. We are looking for a 2-3 Bedroom apartment with 2 Bath.
We currently live in the Miracle Mile area and we really like the area we live but good apartments area going from $600K-1M range and as big as those $200k are, we would like this gift to create a meaningful help in our monthly rent and maybe going down to around $1,600 a month for mortgage payments.
This is our first mortgage and I don’t know all the steps and extra fees, taxes and all things that comes with a spanking new mortgage.
If I left anything out please let me know, we are trying to get as much knowledge as we can to make sure we do the right thing.
Thank you everyone!
Submitted December 02, 2019 at 07:38PM by warkwymords https://ift.tt/2RdISZL
