I am just starting to learn about real estate, and I am currently faced with a delimma. My mom lives in another town and cannot afford the property taxes on her house. We have considered moving her into a retirement type of apartment complex and selling her house. I have considered keeping the house and renting it out, but the town is full of college kids with low rental rates and I think it may end up a headache.
Do you think that selling the house and setting the money up in something that would be secure for my mom is a decent plan?
Any suggestions?
Thanks
The assisted living housing places are not cheap. You may need to sell her home and all her assets to qualify for govt assistance. I am sure you want to help her too the most you can. If you think being a landlord long distance will be a lot of trouble and you are probably correct I would fix the house up the best you can for the area and sell it for top dollar. You could wholesale it to investors like us but we only pay about 70% of retail less repairs. If house will sell for $100,000 and needs $20,000 in repairs you could expect to get offers in the low $50,000 range. Just kind of rambling but I hope I have helped some. Be glad to help some more if I knew more details
Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
512-301-9171 home
512-587-6177 mobile