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Old 06-14-2014, 06:45 AM
 
Location: Boston
71 posts, read 102,831 times
Reputation: 54

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I'm looking to purchase a home from people who no longer can afford the maintenance / upkeep , but want to live out the rest
of their years in that home. Dealing with my own aging Dad has made me attempt to come up with an outside the box way to help these folks , yet make it worthwhile
for me as well.

The typical seller would be someone who has limited income to maintain the property.
Or, an elderly person who wants to live in place vs in a nursing home / Assisted living etc.
Their only expenses would be utilities.

The money from the sale to me would support them and solve alot of problems for the persons family.
I would own the property. A win - win for all....

Any thoughts on how to get the word out on this ?
I will not deal with a homeowner directly unless the homeowner is represented by an attorney.

Ideas please.

Last edited by REtoday; 06-14-2014 at 06:56 AM.. Reason: spelling error
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Old 06-14-2014, 07:05 AM
 
Location: Florida
19,837 posts, read 19,937,680 times
Reputation: 23280
Quote:
Originally Posted by REtoday View Post
I'm looking to purchase a home from people who no longer can afford the maintenance / upkeep , but want to live out the rest
of their years in that home. Dealing with my own aging Dad has made me attempt to come up with an outside the box way to help these folks , yet make it worthwhile
for me as well.

The typical seller would be someone who has limited income to maintain the property.
Or, an elderly person who wants to live in place vs in a nursing home / Assisted living etc.
Their only expenses would be utilities.

The money from the sale to me would support them and solve alot of problems for the persons family.
I would own the property. A win - win for all....

Any thoughts on how to get the word out on this ?
I will not deal with a homeowner directly unless the homeowner is represented by an attorney.

Ideas please.
I am not understanding how it would be worthwhile to you.
Are you leaving out something important ?
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Old 06-14-2014, 07:13 AM
 
Location: Boston
71 posts, read 102,831 times
Reputation: 54
I would own the property for future appreciation. And I'd need to buy the property at a discount to retail.
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Old 06-14-2014, 07:21 AM
 
Location: MMU->ABE->ATL->ASH
9,130 posts, read 17,164,373 times
Reputation: 9982
O/P get the House When the current owner(s) dies or moves out. O/P is buying the home with the current owner having life "Rights" .

O/P can then sell it and O/P keeps all the money, Basically he doing a "Reverse Mortgage", Without the current owner getting any cash. For a low value home that it might be a option.

Question is the O/P willing to wait 10/20 year or more to get his money back with only the increase in value of the home/property (if any) as the only "Profit" , Paying the maintenance, taxes, Insurance for years and years waiting for long term profit (if any) ?
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Old 06-14-2014, 09:48 AM
 
Location: middle tennessee
1,926 posts, read 993,510 times
Reputation: 6998
Do some research. This is not a new idea. My neighbor bought his elderly neighbors' home that joined his property to help them out. The elderly couple had lifetime use of the home. When the husband died and the wife went to the nursing home, my neighbor thought he would get the house but he had to wait several years because of the wife's "lifetime" interest.

The house was in really bad shape by the time my neighbor got it. He didn't mind waiting because it joined his property but he would have been happier to have had it when the couple no longer lived there.

Bill Munroe, blue grass musician, sold his Nashville home a year before he died and continued to live there until his death. That was years ago. There was a big article about it in the Nashville paper.
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Old 06-14-2014, 09:51 AM
 
14,266 posts, read 24,016,895 times
Reputation: 20100
Just one reminder.

What happens if the OP predeceases the current occupants.
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Old 06-14-2014, 09:53 AM
 
Location: MMU->ABE->ATL->ASH
9,130 posts, read 17,164,373 times
Reputation: 9982
Its goes to the OP estate.
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Old 06-14-2014, 10:30 AM
 
Location: Kalamalka Lake, B.C.
3,044 posts, read 4,020,756 times
Reputation: 3898
Discounted sale from current value or not, you need some kind of ongoing cash flow to cover upkeep, taxes, and insurance.
It's not really a workable idea, as too many variables exist that you would have no control over. If unforeseen by yourself, you run into financial difficulties this house would be a huge, unmanageable problem with no advantage to anyone taking over, including a bank.

Detail wise a closed end of some kind would defeat your good Samaritan idea of helping the couple.
And people are living longer, sometimes longer than the life of the house.
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Old 06-14-2014, 12:11 PM
 
Location: Near a river
16,042 posts, read 18,997,544 times
Reputation: 15649
Quote:
Originally Posted by jlawrence01 View Post
Just one reminder.

What happens if the OP predeceases the current occupants.
And also, who pays the property tax, water, sewer and repairs? If the owner does not live on the property, the insurance may be higher too.
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Old 06-14-2014, 12:23 PM
 
14,266 posts, read 24,016,895 times
Reputation: 20100
Quote:
Originally Posted by flyonpa View Post
Its goes to the OP estate.
true, but that does the OP little good.
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