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info, Other/Just Looking in Memphis, TN

My young adult children live in apartments with almost $1000 mo rent. Is it possible for me to buy a property, then, maybe rent it to adult child?

Asked by info, Memphis, TN Fri Jun 28, 2013

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9
Yes actually i just helped a gentlemen in a similar situation in which they had family who was paying $1800.00 and now there in the process of home ownership. Give me a call lets talk andI am here to answer all questions please call me anytime.
Jayson Bagwell
Crye-leike real estate professional
901-232-0303
0 votes Thank Flag Link Sat Jun 29, 2013
Yes it is and I will be more than happy to find you the best rental property for you and your son. What area are you looking in a how many bedrooms?
0 votes Thank Flag Link Fri Jun 28, 2013
The Lord will bless you for helping your children save some money. We can find a workable solution for you whenever you are ready. Contact me and I will go to work for you.

Take care,
Bob
0 votes Thank Flag Link Fri Jun 28, 2013
That can be done depending on the type of loan you have. some loans require you to be the "tenant"
0 votes Thank Flag Link Fri Jun 28, 2013
You can certainly purchase and rent to your children.
0 votes Thank Flag Link Fri Jun 28, 2013
Sure you can! You can even make them the property manager to offset the investment income from the rent (that is, if you pay cash for the house). Or, you can be a co-signer on a conventional loan (you do not have to occupy the house with them). You will not be able to do an FHA since this will not be your primary residence and you'll not be occupying the property.

What part of town are they wanting and do you need a fantastic agent to find them the deal of the century? Just asking........

All the best and you are a very good parent!

Jo
0 votes Thank Flag Link Fri Jun 28, 2013
Thank you for responding. . . I have received several answers, Jo, but I
responded to you because of your last comment about being a "good parent" - thank you for that. . . because that all it is, just trying to be a good parent. Things are just different, now. I never borrowed a dime from my parents, or asked them for help. Didn't think they could. . . I now know that they would have done anything to help. . .but I was doing OK.
I am particularly concerned about my young adult son - recently married, actually re-married (ugh!) and with a new baby. He has bitten off more than he can handle with this apartment - I know, 'cause I am having to fork over "real money" to help him. I may as well try to help him buy a house! I would much rather help on a mortgage than continue to enrich the "luxurious landlord". . .Not looking for expensive property. . . been trolling around on "Homepath" and "short sales". . .
And, here's BIG QUESTION? Can a woman buy property without spouse?
Flag Fri Jun 28, 2013
I deal with rental investors and parents in your sam situation all the time. I would love to help you in your journey to improve your adult children's lives. Please contact me at 901-262-3178. I have a list of mortgage brokers that can help you with the loan end of your journey and I would love the opportunity to help you with finding the home.
Tracey Lowe
First National Realty
Cell 901-262-3178
Office 901-255-2745
http://www.FNR-MGMT.com
0 votes Thank Flag Link Fri Jun 28, 2013
Absolutely! I've encountered this type of situation before. You can get a conventional loan or pay cash for a property then rent it to them. You can only have one FHA loan which is why you'll have to go conventional if you get a loan. It will be considered investment property and help reduce your tax liability when you file your annual taxes.
0 votes Thank Flag Link Fri Jun 28, 2013
To get the most out of it you'll want to be a material participant in the management of the property, otherwise it's a passive investment and does not offer you maximum tax benefits. ( I used to do taxes also:) I can take you from A to Z with this transaction. JCornesRealEstate@gmail.com or http://JohnCornesRealEstate.com - Keller Williams Realty #1 In Memphis!
Flag Fri Jun 28, 2013
Yes you may buy a property as an investment and rent it out.
0 votes Thank Flag Link Fri Jun 28, 2013
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