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Old 02-06-2010, 10:55 AM
 
Location: Tempe, Arizona
4,511 posts, read 13,592,558 times
Reputation: 2201

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Quote:
Originally Posted by Chuckity View Post
..hell, I could be a 450 lbs hairy guy who works at Taco Bell, lives in my parent's basement and dresses as Spock in my downtime. Don't listen to us ...

Live long and prosper.
LOL, you gave away my secret !
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Old 02-06-2010, 02:31 PM
 
Location: Beautiful Rhode Island
9,324 posts, read 14,937,409 times
Reputation: 10438
On looking into this idea further, I think I did find a legal issue, unfortunately for you.... one can't exchange into a house being sold by a relative...

1031 Exchange - Frequently Asked Questions on 1031 Exchanges

Do you have any brothers or sisters who could buy in? Anything that was a straight purchase should fly.

Or what about giving your Mother half your equity via a deed and then having her subsidize you for one or two years-say 30K worth? At some point, you could buy her back out again.

A good RE lawyer should be able to come up with more ideas. That lawyer you talked to might have just been jealous. Most people don't have willing and able relatives!!!
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Old 02-06-2010, 05:18 PM
 
10 posts, read 31,473 times
Reputation: 15
Ok well if that is true I talked to my mother a while ago about putting her on the deed and getting a refi out of it might be our plan B. Looks like that might be our only option..
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Old 02-08-2010, 12:40 PM
 
Location: Barrington
63,919 posts, read 46,812,132 times
Reputation: 20675
Quote:
Originally Posted by Mikltg View Post

but the funny thing is she talked to her financial lawyer and he gave her some bs about not spoiling the kids and stuff. So who is he......
Actually, he sounds like someone looking our for your mom's best interests. She is free to accept or reject this counsel.
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