Buying A House For A Parent

JeanMarie profile photo

Hi there.

If one is buying a house for a parent to live in, do the banks still view this as an investment property?

Does anyone know if there are any programs out there with financing benefits in this situation?

Thanks in advance

JayDee

Comments(5)

  • mcole24th October, 2005

    Odds are, most lenders will look at this as an investment property.
    But depending on where it is, you might be able to get it through as a second home. It may be worthwhile to talk to a few brokers or lenders and see what they can do.

  • mcole22nd October, 2005

    Greetings,

    If you go to the PRODUCTS button at the top of this page, and then to FREEBIES, you may find some helpful stuff there.
    http://www.thecreativeinvestor.com/residential/Downloads-index.html

    I have used some forms from here, then changed them to suit my needs.
    http://www.uslegalforms.com/

    And, here are a few other links that may be useful.
    http://www.allthelistings.com/freeforms.php
    http://www.****This URL Not allowed****.com/FreeRealEstateForms.htm
    http://www.max-info.com/NoMoneyDown/FreeForms.html

    As I‘m sure you know, the laws and forms for every state are different. So, just make sure you’re getting something that’s valid and legal. And I always run everything by my attorney – just to be safe.

    Hope this helps.

  • mattfish1124th October, 2005

    Overflowing toilet is VERY BAD if not taken care of right away.

    You can tell your tenants to take care of it if you like - just realize that they will not be as likely to get it fixed FAST as you. And leaking water (this is considered a leak) is one of the worst things for a house...

    Good Luck!
    [addsig]

  • Konte24th October, 2005

    What a familiar topic, clogged toilets. By now you should know what clogged the toilet right? Female naplins, Paper Towels will clogge a toilet but if normal waste causes the clogging then I would install a better quility toilet that usually have larger neck for larger amounts of waste. There is also a possibility your drains need to be cleaned and in that case you need to call a Drain company rather than a regular plumber.
    I just had the same problem, twice, the first time was the paper towel they used, the second time(2 days later) was large amounts of waste. New toilet on order.
    Toilet and installation $550.00

  • nic345626th October, 2005

    True, except for the fact that they called me at 1am Monday Morning and the clog happened at about 7pm Saturday Night...but you are right any call is better than no call.

Add Comment

Login To Comment