[quote=La Jolla Renter]livinincali’s thought process looks accurate to me.
I did a quick search on the internet and found that a 81 year old woman’s life expectancy is 9 years.
Way better play to put 40% down on 2 condos that you own outright.
A 350k condo should rent for $1,800 – $2,000 per mo.[/quote]If the OP’s “client” lives 9 years in the “new” condo with only a $75K “investment,” then that comes out to just $694.44 month “rent” for her (for 108 months) to live in the UC area! That’s wa-a-a-a-ay under the market there and actually “well under the market” for just about anywhere in SD County!
OP, you say your “client” owns a condo. Is it located in SD County? I’m guessing that she is a bit old to still have a mortgage and if that is the case, it likely located in a much cheaper market in the state or country. OP, why is she considering selling at this late date? And are you sure she can actually recover $75K from the sale of it? And why must it be UC area?
Have you ever heard of Lutheran Tower in dtn SD or Congregational Tower in Chula Vista (there may be others)? If there are openings (from deaths), she might be able to get in (or on a waiting list) to pledge whatever assets she has remaining to the church or nonprofit to live out the rest of her life in one of these “independent living” apts. However, they typically only have a “kitchenette,” a small LR, one small BR and a small bath with a tub and shower for a total of <300 sf per unit. Most of the residents do not drive anymore so there is limited underground parking. Just a suggestion for you and not sure if out-of-county applications are viewed with the same priority as longtime county residents' applications.
