Friday, September 30, 2005

Mama needs a house

Mom needs a house. If she had 1 more bedroom we could have saved $150 this weekend and just stayed at her house. We need to get her an asset.

I think all 4 kids show sign with her and get her into something. I think you can gift someone up to $10,000 without having to report it to the IRS, so I think she could possibly dig out her SSI money, send it to each of us, where we then turn around, and with our name on the signature line, fork it over to a lender and get her into something.

I've been looking at townhomes and such, minimum of 2 bedrooms. She may not have a yard to care for... although she may have some sort of condo dues. If she has $500 a month to give towards rent, payment, she could maybe cover the costs herself, because she has a nice downpayment.

So, what do you think? She needs an asset. We could put it in our names, if she can't put it in hers for tax or government reasons. I am looking at a townhouse that's $119,000 right now. I just don't know how far out of her way it is, but it was in zip 97206.

Anyway, I think we need to start working on this.

2 Comments:

At September 30, 2005 10:45 AM, Blogger alyca said...

Unfortunately, this is probably something we DO need to do eventually. But......Ethan and I are buying a house next year, and we absolutely cannot afford to mess with our credit by buying into anything else before then, nor can we send out our savings. That money is quite earmarked at the moment. After the house, we are getting a second car (since we probably won't be able to bus it from further out), and paying for a baby. So, we are willing to help, this does sound like a good idea, but it will be several years before we are in a position where we can actually do that.

 
At September 30, 2005 1:52 PM, Blogger Sabrina said...

I agree, Mom does need a house. My worry is, she demands that she live in a similar area to where she is... although there are a few condos there... But the dues, they are a pain in the a$&, because even when she does pay the place off, she has to pay the dues. As far as the money goes, well obviously we aren't in a position to help right now, however much I may want to. You can gift up to 10K an write it off, not paying income taxes on it, but the receiving person still has to claim it on their income taxes. I am learning some interesting things in my current class, and maybe we can use the knowledge I gained before about aquiring property cheaply... I will get out the books and happily share! I think she only got like 30K for her bonus check, not sure how much of that is left, but with the right information in hand, we should be able to make something work for her, especially if she is willing to work with us concerning location.... that is the hardest part. It would be great all around if she had a slightly larger place to call home, and it would just be a waste if she continued to rent. Now that she is employed, we have more options. Yes, something to defiately keep in mind! Call me sometime about this and we can discuss!

 

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