we ae a low-income family we pay $1,700 in rent in House Apartment... we pay almost as much to be owning a home...
Mom works only my dad is looking for a job.. he's been out of work for 4 weeks
my mom earns around $350 a week,
1,400 a month
i myself get disability for an accident i had so i can't work right now and maybe not in the futrure i get $742 a month
total of 1,142 sometimes my parents get over time and earn $12.50 an hour
my sisters friend parents pay 1,300 for an Apartment
she's a single mom she gets beneficial benefits from the government... and she sells clothes in her spare time...she has 7 children one is 18 already and the other ones are still minors...she's always being kicked out of the apartments cause of her children she always pays her rent is just that her children make a mess... we plan to buy a 2 unit property... around $500,000 What do you think? What's your Advice
2007-07-21 04:50:33 · 5 answers · asked by toolboxkeeper 1 in Business & Finance ➔ Renting & Real Estate
It's a HORRIBLE idea. All the best ideas to save money and own in common many times end up in disputes over assorted issues.
You REALLY want to share ownership with a woman with seven kids who always make a mess ?
2007-07-21 05:08:43 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
Your mom should try to qualify on her own. A friend [or family] being part owner now may be a help but latter be a problem - rent to them after the fact. Your Dad's income wouldn't help since they are not married.There are many different programs to help her to buy
a house. The kids need to stop making messes and pick up after themselves - even the little ones can help.Your Dad can be a major player in helping your mom even if he is looking for work.The way you put things it sounds like everyone is trying to make things difficult for your mom. I hope she finds everything she wants in life as I was a single mom and because of my kids I lost the home I worked my ***-ets off for.
2007-07-21 05:18:27 · answer #2 · answered by suzdav68 3 · 0⤊ 0⤋
how are you even able to afford 1700/month rent when your income is only 2140 (is the 350/wk before or after taxes?) there would be no money left for food, clothing, utilities, etc - either way - you will never qualify for a mortgage, especially for $500k . Your monthly payments on 500k would be almost $3700, plus real estate taxes, plus insurance
2007-07-21 04:58:58 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You and your family........YES! With your sisters friend, NO WAY. It may sound like a great idea, but you are just asking for trouble. Like, who pays what amount for things like electric, water, insurance and repairs and upkeep. With the friend having 7 children, and already having problems keeping her place in order, really think about this one BEFORE you make a decision.
2007-07-21 05:00:24 · answer #4 · answered by lola girl 2 · 1⤊ 0⤋
Perhaps the worst idea I have ever heard.
2007-07-21 07:05:48 · answer #5 · answered by frankie b 5 · 0⤊ 0⤋