What is the name of your state (only U.S. law)? Washington State
Hello,
I have been looking for information regarding perhaps a complicated situation. My wife and I are looking to buy a home with a bit of property included. We have this idea that my Mother could have a small home built on the property that we purchase that could potentially save her some money. Some of you may know that it can be very difficult for single people, especially elderly, to live comfortably on just their income. Anyways...
I've read all sorts of information concerning the conflicts we could/will come across. I've read it can be done; I've read it can't be done.
My mother will not have the funding to purchase land away from me. I was honestly thinking I could potentially save her money by her avoiding property taxes, which I would handle. Would leasing the property work for this? Or would it be too difficult for her to get a home loan on a leased property?
Looking for advice-- really any at this point. Ideas, suggestions and/or recommendations are welcome. Has anyone done something like this with a parent or know of someone who has?
I refuse to believe this idea is "impossible". Difficult, sure.
Thanks to anyone who chimes in. And yes, I am very new to the real-estate game (also fairly young ), and the permitting and legalities involved.
Thanks and take care!
Hello,
I have been looking for information regarding perhaps a complicated situation. My wife and I are looking to buy a home with a bit of property included. We have this idea that my Mother could have a small home built on the property that we purchase that could potentially save her some money. Some of you may know that it can be very difficult for single people, especially elderly, to live comfortably on just their income. Anyways...
I've read all sorts of information concerning the conflicts we could/will come across. I've read it can be done; I've read it can't be done.
My mother will not have the funding to purchase land away from me. I was honestly thinking I could potentially save her money by her avoiding property taxes, which I would handle. Would leasing the property work for this? Or would it be too difficult for her to get a home loan on a leased property?
Looking for advice-- really any at this point. Ideas, suggestions and/or recommendations are welcome. Has anyone done something like this with a parent or know of someone who has?
I refuse to believe this idea is "impossible". Difficult, sure.
Thanks to anyone who chimes in. And yes, I am very new to the real-estate game (also fairly young ), and the permitting and legalities involved.
Thanks and take care!