MIL is thinking of maybe moving up by us in a year or two when she retires (or not). There is a brand new townhouse community that would be perfect for her. We went to the open house today (with her) and she liked it, but I think she got cold feet about actually moving.
Our original plan was to buy it now and rent it for the year or two until she gets here. Now we want to see if we could rent it indefinitely and more or less breakeven, so if she never decides to move we wouldn't be taking a loss.
Unfortunately, I have absolutely no experience as a landlord/second property owner, so I have my work cut out for me. I need to run the combination of numbers (down payment/mortgage/term), and research expected rents. I also need to read up on the accounting/tax issues surrounding owning a second property. The fun never ends...
MIL Finances
May 19th, 2007 at 09:25 pm
May 19th, 2007 at 09:40 pm 1179607208
May 19th, 2007 at 09:56 pm 1179608207
May 20th, 2007 at 01:11 am 1179619880
May 20th, 2007 at 03:11 am 1179627087
May 20th, 2007 at 05:15 am 1179634537
May 21st, 2007 at 09:59 pm 1179781151