Brainstorming
I'm not in real estate or owning properties
Relative needs help.
Has been taking care of his mother for years. Clean. OCD clean. Probably PTSD.
Lives very near to me. He's used to the area, the stores he goes to, etc.
Mother finally had to go to assisted living.
The family (his 4 older siblings that I know as responsible people) needs to sell that home.
They are looking for a place for their younger brother and asked me, since it is in a familiar area for him.
I have a small condo (900 sq ft) that I am almost ready to put on the market.
I told them that I don't want to become a long time landlord
I mentioned to them about buying it.
They think its a possibility, but they have a lot on their plate. Their dad just died (divorced from their mother). Dealing with each parents' house etc at this time.
I thought maybe helping by:
He can live there for short period (3 or 6 months), at which time I will be looking to sell.
Stipulations that it will be in the same ready to sell shape if he leaves
Again, they said they may want to buy.
They feel that he is not one that likes much change and suspect and think that's very possible.
I think that the price for them to buy would need to be set beforehand. Time for them then to find financing or a better deal. No haggling at the end.
I do want to help, if I can in a reasonable manner.
Fire away
Short term renter to purchaser.
byu/Tight_Data4206 inRealEstate
Posted by Tight_Data4206
1 Comment
This sounds like a really thoughtful way to help out family while protecting yourself. I did something similar with my cousin a few years back when she was going through a rough patch – let her rent my place short term with the option to buy. We set the purchase price upfront which was huge because it eliminated all that awkward negotiation later when emotions might be running higher.
One thing I learned is to get everything in writing even with family. Like really spell out the condition expectations and what happens if they decide not to buy. Also maybe consider doing a lease-purchase agreement instead of straight rental – part of the monthly payment goes toward a down payment if they decide to buy. That way they’re building some equity and have more skin in the game to keep it in good shape.
The timeline sounds reasonable too – 3 to 6 months gives them breathing room to sort through their parents’ estates and figure out financing. Just make sure you have a backup plan ready if they decide not to purchase because the market could change in that timeframe.