Reply to What would you do if your nest won’t empty?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We’re early retired and pretty well off.  Had our kids early as well.  We live in the city and have a second home in the country.  We think it’s crazy for our kids to pay rent to somebody else when we have plenty of room for them.  So long as they are productive and moving forward we have no problem with them staying with us rent free.  One of them took longer than the others but everyone goes at their own pace and we felt that her pace was understandable given some issues that she had that were not self-inflicted so we were patient.

When our youngest got married she and her husband lived in our English basement rent-free while they saved a little money (it happened to have opened up at the right time) and when they announced they were expecting and needed more space we [b]bought a townhouse in a desirable close in suburb and rented it to them at full market rent. [/b] We figured why have them spend their good money on someone else when they could send it to us and keep it in the family?

I come from nothing myself, [b]but I am not of the mindset that that means my kids must have the same struggles.[/b]  They’re all responsible adults and appreciate our help.  [/quote]

??????

This is very out of step with the rest of your post. How was making your kid pay $6500/month on a condo YOU OWNED a favor to them???[/quote]

lol the rent isn’t $6500.  It’s not even half that.  it was a favor for them because they were having lots of trouble finding a place that fit their needs in a tough rental market.  so when we saw a good property for sale that fit their needs and offered to put in an all cash offer make sure we got it and could close quickly and then rent it to them they jumped at the chance.

also, just FYI, under IRS rules you have to charge a relative fair market rent to qualify the property as an investment property for tax purposes.  so we really couldn’t discount the rent without serious financial repercussions.  [/quote]

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