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Reply to "Buying then renting an apt to a family member"
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[quote=Anonymous]My husband’s 23yo sister has been struggling to get back on the right path after a prolonged depression / eating disorder. She moved back in with her parents, which was worse for her mental health, and now they’re paying for a studio for her with the hope she’ll go back to school in September. This is financially draining for them. My husband suggested to me that we, who have greater financial resources, could buy a studio apartment, which we would then rent to his parents. His parents have a limited budget so they wouldn’t be able to pay the full cost of the monthly payments. Has anyone rented to family before? Does one charge market price or accept a monthly loss in the name of a long term real estate investment? I’m ok with a bit of a subsidy but I’m not sure how much, and I don’t want to turn this into a petty money discussion when I know how much it means to his parents, who are very helpful grandparents to our children. TIA[/quote]
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