Quote:
Originally Posted by Sample00
We have several revenue properties but they are all here in the community. I havent had to deal with one 2 hours away. I consider my daughter a responsible person. She would take good care of the place and "manage" it well.
I too, am leaning towards purchasing but ultimately we'll have to make the family decision.
Thanks for the input, keep it coming. All the info helps making an informed decision.
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Why not purchase the property then hire your daughter as the property manager. This in my mind will do a couple of things:
1. Give her some spending cash each month
2. Give her some entrepreneurial life skills and add to her resume
3. Give her a sense of pride in the property making her respect it more
4. Give you additional tax breaks from the property
5. Give her some life skills that if stuff happens you have to find a way to fix it
If you buy a 3 bedroom place and she rents out 2 of the rooms pay her 10% of the rent for management fees and she can be making 150 + a month for some spending cash.