I want to buy my parents a modest apartment for $200k to retire in. The mortgage will be in my name and they will pay me rent whatever the mortgage payment will be.
Is this a wise move for my financial well being? I'm planning on getting a place of my own in the next 5 years. I make 120k a year.
It would be better to talk to your bank about it.
>>16559257
>200k apartment
What the fuck? I'm no expert on housing but why not just buy them A HOUSE for that price?
>>16559280
Houses go for 400k+ around where I live. My parents are stubborn and want to stay put here.
>>16559280
Mate where do you live? I realise this is ameridollars but where I am 200k GBP will get you a broom closet
>>16559257
By apartment do you mean condo?
How is it that someone in the 30% bracket has no idea how to manage their money?
Also, sage.
>>16559316
Im doing just fine with my money, thank you. I'm just wondering if banks would deny a 2nd mortgage.
>>16559352
You can't mortgage an apartment...
Seriously, are you like 16 or something?
What you do for living?
ill show u my feet for steam games op
>>16559360
It's a condo, flat, home, domicile, whatever you want to call it. You know what I mean.
>>16559385
They are not the same, the way you buy them on credit is not the same. You're comparing apples to oranges. Not sure how you can manage to be a home owner and not know this.
But in the minimum effort to educate yourself on the subject via google, then come back and try this again. Or you can just abandon the thread since you're likely full of shit... nobody at the level that you're claiming to be at is this dumb.
