[quote=birmingplumb]Don’t think 1,000 month return is enough on 240k and it’s super high offer for Detroit suburb as I valued it 175k 3 yrs ago. Timing. Motown[/quote]
Here’s an idea.
You have 200k now. I remember you posting about how your daughter was dealing with a landlord…
… Buy a condo for your daughter in sandiego with the 200k fully paid off.
Write your daughter a note giving her a market loan rate, 30 year fixed with appropriate points/etc. Make sure it’s legit, fully doced/notarized etc (for IRS purposes). Let her make payments to you.
*You get the 4% income which is more or less safe (assuming your daughter can be trusted).
*Your daughter doesn’t end up throwing money away to a landlord. Heck, your daughter doesn’t even end up throwing money away to a bank.
*Assuming it’s a legit loan, your daughter gets a schedule a tax deduction as normally.
*And check with a trust attorney…But I have a feeling that loan you wrote to her ends up belonging to her/your kid’s estate when you pass away if it’s not paid off by then…
*Tuck away the loan payments she makes for you (less income you need to report)….It becomes her’s or your other kid(s) if you pass away too.
Cut out the middlemen (bank).. Check with people in know that really know how to do this.