RH - Gamaliel's wisdom should be invoked here. If you think it's foolishness, keep your treasure and go in peace. Don't snipe and gainsay those trying to act according to their own freewill to help another.Robin Hood wrote:I don't agree with this at all.BroJones wrote:Robin Hood wrote:That wouldn't buy a parking space here.Robert Sinclair wrote:Yes, he is serious.♡
Seriously, it wouldn't.
So how does this work?
I may have £600 spare (which I think is around $900 or so - the value of Sterling has fallen recently because of the uncertainty surrounding the upcoming EU referendum).
Who would hold the title to the house?
Who would be responsible for taxes etc?
The title would go directly to the single mother (in this case - just as the last time we did this a year ago), and she would be responsible for taxes thereafter.
We found with the last house that since the initial price was so low, that taxes were low also. It has worked out wonderfully for the previous purchase - the sister and her two children are VERY active and great contributors to our small branch. (Small in numbers, but large in geographical size - this is a rural area in northwest Missouri.)
Thanks for asking.
This woman is given a free house, paid for by us, but is under no obligation to live in it?
She could sell it and walk away with the money any time she likes.
It would be much better for us to form a consortium, buy the house, and charge her a manageable rent based on her circumstances. The rent payments then accrue and can be used towards the next house purchase, and so on.
This would be a not-for-profit arrangement aimed at providing as many low cost homes for needy people as possible. A kind of perpetual accommodation fund.
Should the tenants circumstances change over time she could purchase the home from us at a substantial discount (perhaps 50%), or have her monthly rent converted into interest free payments.
Steve - I'm in. You can guess-timate an amount, based on our previous interactions. God bless you, for opening a simple avenue for schmucks like me to help someone in need. I hope you enjoy your mission.