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Thread: Rental house near son

  1. #11
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by Tybee View Post
    I have successfully bought and sold four foreclosures, so have some experience there. It has always been cash, though.
    We need to more information about the financial aspects of this. Do you anticipate coming out ahead, or at least not losing? I mean what kind of financial deal are you thinking this would be?

    For me, I dislike having a whole bunch of equity tied up in real estate. Our real estate holdings are 15% of our assets ( after our city house sale goes thru next week.) I just do not like real estate. Am waiting to realize a profit on real estate, has never happened—-yet.

  2. #12
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    Quote Originally Posted by iris lilies View Post
    We need to more information about the financial aspects of this. Do you anticipate coming out ahead, or at least not losing? I mean what kind of financial deal are you thinking this would be?

    For me, I dislike having a whole bunch of equity tied up in real estate. Our real estate holdings are 15% of our assets ( after our city house sale goes thru next week.) I just do not like real estate. Am waiting to realize a profit on real estate, has never happened—-yet.
    That's interesting about the 15%. When we were in Michigan, that was about what we were at. Maybe 20%. Unfortunately, we had to move out here to care for parents, or we thought we did.

    We aren't sure where we want to end up. We can't sell this place until we have somewhere to go. The rental house could temporarily be that, and let us sell this one, then regroup.

  3. #13
    Senior Member rosarugosa's Avatar
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    I don't have a lot of experience buying and selling real estate, but the idea of buying a house in a place I didn't particularly want to live so that I could visit twice a year doesn't seem sensible to me. I think it makes a lot more sense to just stay at a hotel or Air B&B or something.

  4. #14
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    I hear you. I think this has to do with wanting to feel closer to the grandchildren, and wanting to support my son some how, emotionally, not financially.

  5. #15
    Senior Member Teacher Terry's Avatar
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    I have owned 10 homes. Some made money and some lost. What you are considering makes no sense to me. Buying and selling is expensive plus the move itself. Moving also takes a emotional toll because it takes years to find your tribe and develop deep friendships. I wouldn’t follow any of my kids because they may need to move for jobs at some point.

    You shouldn’t at your age take financial risks especially because if something happens to your spouse you lose one income and one SS. I would figure out where I want to live irregardless of anyone else. Then I would move there and age in place.

  6. #16
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    Quote Originally Posted by Teacher Terry View Post
    I have owned 10 homes. Some made money and some lost. What you are considering makes no sense to me. Buying and selling is expensive plus the move itself. Moving also takes a emotional toll because it takes years to find your tribe and develop deep friendships. I wouldn’t follow any of my kids because they may need to move for jobs at some point.

    You shouldn’t at your age take financial risks especially because if something happens to your spouse you lose one income and one SS. I would figure out where I want to live irregardless of anyone else. Then I would move there and age in place.
    Thanks, Terry, good advice. I agree about not taking a lot of financial risks at our age.

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