Hello everyone, and thanks in advance for any advice I get.
I am a 19 year old college senior. I currently do not have any debt, and I have managed to save up about $30,000 since working in my early teens. I have been looking for a way to wisely invest that money, since it has become clear that I will not need it for college due to scholarships.
My mother is 63 years old, and collects a steady social security payment. She can safely afford $700 per month for rent, and I know 100% that she would be a good tenant. Right now she lives in some undesirable apartments. She would like to live closer to me and have a reliable living space, so she is very enthused about the idea. I also want to help her out because, you know, she’s my mom.
I live in (and the property would be in) Indianapolis. There are a few condos in good neighborhoods here for $70,000-$80,000 that she could move into right away. This seems like a potentially very mutually beneficial arrangement, with her rent payments effective staying within the family.
Now, my main question:
I could put a substantial down payment on the condo and use that $700 a month to cover the mortgage and HOA fees, with a good amount left over. That said, I am 19 years old, mainly work odd jobs, and my credit is probably barely above average (being 19). Would it be a good idea, or even possible, to finance the other $40K+?
My mother has a mid-600 credit score, but a dubious history (I believe she has a house that got foreclosed on after a divorce from my father ~fifteen years ago). Would it help if I got a cosign? If needed, would it help if her name was on the mortgage, and she signed it over to me later? She does want to help, and I am (really, totally) sure she would be reliable.
Any help with anything, but especially the financing side, is very appreciated! Thank you to everyone again.