Skip to main content

(Alabama) Buying a house with a family member who is a stay-at-home-mom, want her on the title but not her boyfriend

I live in California. My cousin wants to buy a house that is very close to some of the rest of our family in Alabama (her parents and sister). She's a stay at home mom with 2 kids with her long term boyfriend. The house is currently priced at $280,000.

I have good income and credit score - not good enough income to buy a house in my HCOL city (technically, I could afford it, but renting and investing the difference comes out WAY ahead of buying) but enough that I could afford a $2000/mo mortgage payment on top of my existing expenses. $3000/mo if necessary but that's more of a stretch than I'd like. She has no income or credit score.

My vague idea is that I could get the mortgage on the house, and have her do a kind of rent to own? With her boyfriend's money of course. Eventually I'd like her and I to share equity in the house, with an option for her to buy me out. I don't want the boyfriend to have any claim on the house unless they get married, and maybe not even then.

I don't think I can add anyone to the title until I've paid off the mortgage, right? Would I have to buy it as an investment property and have her pay me rent until the mortgage is paid off?

Her parents (my aunt and uncle) also have good credit and HAD a good income until the government shutdown, and presumably will have a good income again once it's resolved. They may be willing to pitch in somehow.

I haven't brought this idea up to anyone involved, just exploring if it's remotely feasible. Boyfriend may nix the idea, even if the payment ends up being lower than their current rent, due to pride or whatever. I don't know him really well.

submitted by /u/Flying_Fortress_8743
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1ov1b19/alabama_buying_a_house_with_a_family_member_who/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more