Aw:really cool news!

K-hart · April 2011

My Mom is strongly considering getting a condo near where I live (currently she's two hours away). She wants to do this so she can watch the baby. Our names would be put on the deed with theirs and we would pay her, but it would all go to the property and once we sell, we would get all that money back. I really hope this goes through!!! It's so much cheaper than daycare and it's my Mom, so I definitely trust her. I'm just floored that she's considering this!!

D74LeadinLady · April 2011

I don't get it?

You're mom is going to buy a condo near you and you and Glen are going to be listed on the deed?

THEN the money that you pay your mom to watch the baby will go toward paying off the condo mortgage? and then you're going to sell the condo?

Where's your mom going to go then? When will that be?

K-hart · April 2011

D74LeadinLady:
I don't get it?

You're mom is going to buy a condo near you and you and Glen are going to be listed on the deed?

THEN the money that you pay your mom to watch the baby will go toward paying off the condo mortgage? and then you're going to sell the condo?

Where's your mom going to go then? When will that be?

Yes. Sorta. We aren't paying for the entire condo. Just a portion of it. My mom just built a huge new house on my grandfather's land. She's retired and wants to be closer to the baby. She will have 2 houses. Think if it as a vacation home. We would be paying her $400 a month. Daycare centers start at $900 a month around here.

D74LeadinLady · April 2011

K-hart:
D74LeadinLady:

I don't get it?

You're mom is going to buy a condo near you and you and Glen are going to be listed on the deed?

THEN the money that you pay your mom to watch the baby will go toward paying off the condo mortgage? and then you're going to sell the condo?

Where's your mom going to go then? When will that be?

Yes. Sorta. We aren't paying for the entire condo. Just a portion of it. My mom just built a huge new house on my grandfather's land. She's retired and wants to be closer to the baby. She will have 2 houses. Think if it as a vacation home. We would be paying her $400 a month. Daycare centers start at $900 a month around here.

So, will you be living at this condo or will you be paying the $400 a month for this property/child care as well as your current house?

rach83 · April 2011

That will be great to have your mom close by! Very exciting!

K-hart · April 2011

D74LeadinLady:
K-hart:
D74LeadinLady:

I don't get it?

You're mom is going to buy a condo near you and you and Glen are going to be listed on the deed?

THEN the money that you pay your mom to watch the baby will go toward paying off the condo mortgage? and then you're going to sell the condo?

Where's your mom going to go then? When will that be?

Yes. Sorta. We aren't paying for the entire condo. Just a portion of it. My mom just built a huge new house on my grandfather's land. She's retired and wants to be closer to the baby. She will have 2 houses. Think if it as a vacation home. We would be paying her $400 a month. Daycare centers start at $900 a month around here.

So, will you be living at this condo or will you be paying the $400 a month for this property/child care as well as your current house?

Sorry for the confusion, Jill. My mom owns a house 2 hours west of us. We own a house in central PA. Neither of us are moving. We would be investing in a 'vacation house' kind of property. My mom's name on the mortgage and both if our names on the deed. We would co-own this property. The appeal is the return on investment when we sell the condo ( maybe in 6-7 years). So the money wouldn't be going to child care, but towards a mortgage. Then we will get it all back once we sell that property. This is my mom's first grandchild and she's retired. So, she wants to do this. It was her suggestion. Does that make better sense?

D74LeadinLady · April 2011

K-hart:
Sorry for the confusion, Jill. My mom owns a house 2 hours west of us. We own a house in central PA. Neither of us are moving. We would be investing in a 'vacation house' kind of property. My mom's name on the mortgage and both if our names on the deed. We would co-own this property. The appeal is the return on investment when we sell the condo ( maybe in 6-7 years). So the money wouldn't be going to child care, but towards a mortgage. Then we will get it all back once we sell that property. This is my mom's first grandchild and she's retired. So, she wants to do this. It was her suggestion. Does that make better sense?

Yeah, I think I get it now. And, ideally - it sounds like a fantastic plan! However, I feel like your mom is going to be paying (in mortgages) to watch her grandchild. It just doesn't seem like a financially smart decision. BUT - I don't know your financial situations - I'm just thinking of my own and I know Doug and I and no one in our families would EVER be able to pull this off.

Anyway, your mom is going to be closer to you when the baby is here! That's going to be a fantastic help for you!

K-hart · April 2011

D74LeadinLady:
K-hart:
Sorry for the confusion, Jill. My mom owns a house 2 hours west of us. We own a house in central PA. Neither of us are moving. We would be investing in a 'vacation house' kind of property. My mom's name on the mortgage and both if our names on the deed. We would co-own this property. The appeal is the return on investment when we sell the condo ( maybe in 6-7 years). So the money wouldn't be going to child care, but towards a mortgage. Then we will get it all back once we sell that property. This is my mom's first grandchild and she's retired. So, she wants to do this. It was her suggestion. Does that make better sense?

Yeah, I think I get it now. And, ideally - it sounds like a fantastic plan! However, I feel like your mom is going to be paying (in mortgages) to watch her grandchild. It just doesn't seem like a financially smart decision. BUT - I don't know your financial situations - I'm just thinking of my own and I know Doug and I and no one in our families would EVER be able to pull this off.

Anyway, your mom is going to be closer to you when the baby is here! That's going to be a fantastic help for you!

Ohh. Moms house is paid off 100 % and we're talking a 60k mortgage, which is $500 a month including taxes and Association fees.

D74LeadinLady · April 2011

K-hart:
Ohh. Moms house is paid off 100 % and we're talking a 60k mortgage, which is $500 a month including taxes and Association fees.

Oh okay...haha - THAT sounds great then! A condo here would be double that.

K-hart · April 2011

D74LeadinLady:
K-hart:
Ohh. Moms house is paid off 100 % and we're talking a 60k mortgage, which is $500 a month including taxes and Association fees.

Oh okay...haha - THAT sounds great then! A condo here would be double that.

Property in MA is overpriced! Glens family lives there and it's almost twice as much as Harrisburg.

D74LeadinLady · April 2011

K-hart:
D74LeadinLady:

K-hart:
Ohh. Moms house is paid off 100 % and we're talking a 60k mortgage, which is $500 a month including taxes and Association fees.

Oh okay...haha - THAT sounds great then! A condo here would be double that.

Property in MA is overpriced! Glens family lives there and it's almost twice as much as Harrisburg.

And they're a decent hike from Boston. I'm right outside the city.

tarmar81 · April 2011

I'm glad everyone asked questions, I was totally confused by reading your initial post, K-Hart. It makes sense now though, what an awesome arrangement!

You and Glen (and your mom) are so lucky to be able to do this. I can't say enough for having your mom close by, and I haven't even had my baby yet. My parents live about 10 minutes from Craig and me, and while we're putting the baby in daycare 4 days a week, my parents are watching him/her 1 day a week on Mondays. I'm so glad that our child will get some quality Grandma/Grandpa time once a week without fail. That'll be awesome for your little boy to spend all that time with Grandma!

Aw:really cool news!

Re: Aw:really cool news!

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