Rental house near son

[Tybee]

Am starting to consider buying a rental house near my son in Indiana. He has remarried and has a new baby, and while I don't want to relocate there full time at this point, I would like to have a presence there, and maybe a rental house that we could sometimes visit and work on and then re-rent. Ideally, I'd like to be able to see him once or twice a year, but if it's a rental, that might not be possible.

I found one that I am considering because it meets our needs. His suggestions are ones in town where he lives, but I don't think I'd ever want to live in town where he lives. This is out in the country but near his work, so a good rental market because of the plant where he works.

Any thoughts, positive and/or negatives that come to mind?

At one time, this was my dream, to have one rental near each son, then leave it to them in my will. But two of them live in ridiculously expensive areas, and this is the only halfway affordable one, and only if I buy something tiny and/or foreclosure.

This one is a foreclosure.

[iris lilies]

Do you have to take out a mortgage For this?

[Yppej]

As I recall you moved to Maine to be near family and then regretted it. You preferred Michigan.

This has the advantage of being in the Midwest which you like. The unknown is the family dynamics. How long has he been remarried? What is your relationship with his new wife like?

If family were not a consideration where would you want to go?

[Tybee]

Do you have to take out a mortgage For this?

Maybe? Small one?

[Tybee]

As I recall you moved to Maine to be near family and then regretted it. You preferred Michigan.

This has the advantage of being in the Midwest which you like. The unknown is the family dynamics. How long has he been remarried? What is your relationship with his new wife like?

If family were not a consideration where would you want to go?

If fam were no consideration either michigan. Or sc

[iris lilies]

Maybe? Small one?

I don’t understand this scenario. Do you mean that you would continue to live in Maine, but would take occasional vacations to Indiana?


But then I don’t get the whole concept because I thought your financial situation was very tight. Has something changed?

It’s only a good idea if you have crap tons of money and wish to spend down your assets. Then, I can see buying a little place that would be comfortable for you to stay in when you make extended visits to your son. Maybe renting it out as an Air&BnB when you’re not there MIGHT be viable, but you really have to run the numbers to see because so often these things are not viable.

You can have the same experience just renting an Airbnb when you stay in the same town as your son.

You and Catherine both have this idea of leaving a “HOME” to your kids, but neither of you have any idea how much you will need of your own assets as you age. Didn’t you recently say just a couple weeks ago that you felt no financial obligation for anyone after your death? Perhaps I misinterpreted that. And doubly confused I am because you’re interested in buying a house but not in the town your son lives in, but you have an idea of leaving it to him when you die? Why do you think he would want that particular house?

Finally, everyone and his brother jumps on the list of foreclosed houses like vultures. Maybe you can get it maybe not, but the odds are that there’s 20 other people eyeballing that same property with ready cash to plunk down.

[iris lilies]

Tybee, is your mother still alive?

[Tybee]

Tybee, is your mother still alive?

Yes.

What is a Walter? Did you mean vulture?

[Tybee]

I have successfully bought and sold four foreclosures, so have some experience there. It has always been cash, though.

[iris lilies]

Yes.

What is a Walter? Did you mean vulture?

yes, sorry. I will correct.