Hey all, long time lurker but my first time posting here.
For the record I have multiple properties outside of CA so pretty familiar with mortgages etc.
I am currently trying to buy a house for my parents because I am more well off than they are. Somewhere in the range of 750-800k. As many of you know, this is somewhat of an average price if you want something decent and central to LA.
Anyway, I want to put 50% down to make the monthly mortgage payments lower, and eventually paying it off 100% in a few years because I don’t want them to have monthly rent in general.
Now my question is should I wait a bit to see if the market stabilizes and/or should I do things differently?
I know I have some other options such as having them move to another area or state that houses are cheaper but I would like them to stay near me. I’m not extremely rich by any means, but getting them a house has been a goal for me for a very long time. I would finally be able to do that and it would make their dreams come true.
I personally don’t care about living on my own properties, I buy properties and rent them out and make passive income and rent a smaller space.
Anyway, any thoughts appreciated. Thanks for looking.