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MIL Finances

May 19th, 2007 at 09:25 pm

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...

6 Responses to “MIL Finances”

  1. Ima saver Says:
    1179607208

    We had three rentals and it was the worst 3 years of my life. The tenents tore the place up and we sold all 3 of them for much less than we paid. I hope your experience is much better than ours was. (Plus, they called us all hours of the night to fix stuff)

  2. nance Says:
    1179608207

    We rented the house my husband had before we got married, and it was also a nightmare. One tenant practically destroyed the interior of the house. It was unbelievably filthy. You would not want to know what they did!

  3. madhaus90 Says:
    1179619880

    We kept our "starter" home and moved to a larger house four blocks away. Our first tenant wasn't a problem at all - a divorced working guy who paid on time and even knew how to fix minor things. We were sorry to see him go. My grandparents are now in the house indefinitely. Good luck!

  4. boomeyers Says:
    1179627087

    You need to talk to Contrary One! Has she got stories!

  5. Amber Says:
    1179634537

    Change is hard, Lord knows at my age I hate change...good luck

  6. livingalmostlarge Says:
    1179781151

    Depends we debated keeping our first place and didn't, even though we would have had a family member living there. Most times it's horrible. My brother had two places that if it weren't for appreciation he would have lost big money because of the damage to the house.

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