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Telling parents about a house? |
I am 23 and have recently been approved for a loan on a home. I live at home with my parents and do not want to tell my mother I have the loan for fear she will charge me rent. I am planning on using the home as an investment property so that I wont have to physically pay a mortgage. Is this wrong? I want to tell her but she will hit me up viciously and possibly kick my a.ss out... Well if i had a choice I would live on my own and get a condo in the city, which I have the option to do as well, but I think it will save me money if I take over this current option (having a tenant). You are obviously w/o ethics. If you are 23 and can afford your own home then you need to be out! How about buying a duplex and renting out half? Yes, that's wrong. im 21 and i bought a home when i was 20. Your mother will be proud that her child has been responsible enough to take on such a huge endevor. But if you still live at home I'd do the right thing and offer your mom some support with groceries and bills and stuff like that. And right she should. This is quite selfish of you. You have no idea what you are getting into. First off, remember that renters are constantly late on their rent, there are some that pay on time but for the most part they don't (if they pay at all). Second, every little time something goes wrong with that house you are going to have to fix it and to be perfectly honest it doesn't sound like you are mature enough for such a big responsiblity. You are wanting to hide your intentions from your mother in fear of paying rent--grow up, you are 23 years old and if you can afford a mortage payment then you shouldn't be living with your parents in the first place. If you can afford to buy an investment property, you can also afford to pay some rent to your mother. You are old enough to be on your own. Just how long do you intend to leach off your mother ? If I was your parents, I would be proud of you! It might of worked out better if you worked with your parents in the beginning and asked them for their option....maybe even invite them to invest with you and do several homes, making the entire family share in the wealth! I teach a class called 25 BUY 65! It is free, and it actually coaching. I figured you should have 25 houses by the time you are 65, since out government will have used up all our SS money to the people who NEVER paid in!! If you have 25 houses or properties by the time you are 65, you can sell one every 2 years and live off them until you die! Great Job! Invite them in. |
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