Living contained by Texas and New to Real Estate Investing?
Question:
How do I get started? It seem like I'm never going to find perfect opportunities by purely looking in the rag. How do I go something like finding properties and then how do I know how to evaluate them?
My purpose is to buy and rent so that I can build up monthly rental income and have appreciating assets.
Thanks
Answer:
numeral out how much return you want on your money from the rental activities. Then when you look at a rental property, numeral out how much rent you'd have to gain to earn that percentage of return,, if you can get that much,, it is a prospect. Don't forget to reduce by expense on property, like property duty, repairs, insurance, etc. After all,, you can grasp in excess of 5% within a CD. (with no risk)
So,, if you can catch $750./mo rent on a house,, and you want 15% return on your money,, you'd get that if the house cost you $60,000. (after expense you'd be closer to 10%)
Texas is a great souk to be investing right now. Properties are affordable and because rents are relatively large there is great brass flow and appreciation.
First of all, I importantly recommend going to a local real estate club. You can swot so much from spending time with other investors, and at hand are often copious people likely to answer questions for beginners.
Also, I recommend finding an agent who specializes surrounded by working with investors and helping them identify properties that fit their goal.
Our company, Invest in TX, is a unadulterated estate brokerage offering hands on investor support from agents that are also investors. We own properties all over Texas and most step pretty quickly.
If you want some examples of some properties we enjoy available you can contact me. At the very lowest it would give you a right idea of the type of properties our investors are buying right very soon.
Courtney
investintx@gmail.com
I also do real esate contained by Texas. Here's what you need to do buddy. Go to your local rates office. (it will be surrounded by the county court house) Within you will find a foreclosure dockett. Within this dockett you will find where the homes are as powerfully as how much they borrowed on it and when they borrowed it. With this information you will be able to estimate what the payoff on the home is.
The channel you want to pick your home is find homes that have be being remunerated on for atleast 10 years preferably on a 20 year note. This will allow the home to hold appreciated as well as one half path paid past its sell-by date. This is how you buy a home for $30,000 thats worth $100,000. You take a make a note of out on the $30,000 in which your pay will be 250 to 350 a month on a home that will rent for 800 to 1000 a month. Instant asset! :)
Now the good slice about this is if the souk drops (as it did in detroit) you will still be capable of get out of it. Or you can still rent it for more than your stipend.
When doing this make SURE that you procure a gauranteed title search on the home to get sure that it has no other liens on the home. (i.e. export tax lien, construction lien, judgements...etc.)
Well buddy here is a very untreated answer to your question. If you hold anymore feel free to e-mail anytime bcauble1@yahoo.com
Hope this help! Good Luck!!
Many people can do it on their own, but various people do their taxes and accord with their trial issues on their own too. Do you?
Maybe I can offer some relieve
I am an agent/investment consultant for one of the nation’s largest and most successful real estate investment firms. We specialize contained by Texas and The Carolina's. We work with first time and full time investors to undamagingly and successfully build wealth and bread flow through real estate.
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The services we propose include:
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Send me an email ryanmeltcher@sbcglobal.net
Or make a contribution me a call (714) 404-1267
and dont forget to put together me your best answer :-)
Is near a website where on earth I can gridiron near inhabitants to share a mortgage?
Question:
Answer:
not unless you're a student. in which armour the university shouldve probided details
you are looking for what is effectively a flatmate? advertise surrounded by a local corner shop. there are ad in the windowpane. lots of people contained by the local areas look for home shares there. this approach you can check them out first and it is less feasible that they are scammers. it is harder for them to scam you in character
looking online for a mortgage sharer will only downfall up in
a. you getting scammed
b. you mortal associated with some quality of organised crime
c. you being murdered by some grotesque person
the prospects dont look apt
however, it seems the best hypothesis for you would be to find a place where you can afford the mortagage by yourself
Now tolerate me see .. about 90% of email is SPAM = pyramid scheme, lottery scams, FALSE pill cons and advanced fee rip-offs ..
Every Question here asking nearly money gets 3 or 4 offer of 'low interest loans' (and not all from Nigeria) ...
So what's the kismet that some-one you meet 'on the web' will try to rip you sour ?
What can I do if my landlords deny head surrounded by the rental home?I enjoy small children, I also own slumlords, sustain?
Question:
The slumlords will not fix anythng wrong with the house, I can't afford to move, and they will never own up it if it is lead. I necessitate to know what I can do legally, because they are covering theirselves tremendously well.
Answer:
Landlords enjoy the responsibility to notify all tenant of homes built prior to 1970ish that lead may be present. They enjoy NO obligation to remove head paint. If you know there is head, keep your house verbs and well dusted. Lead won't hurt your children if they don't munch through it. Paint dust can build up on window sills and on baseboards. Just engineer sure these areas remain clean, and don't allow your children to put away the walls.
If you believe for some reason that the top division of paint is lead base (it most likely have been repainted some time since the 70's), you can ask your manager to allow you to paint over it, to protect your children from it. Do not try and sand it or remove it yourself.
Depending on your location (check your laws) they are legally obligated to caution you of the presence of lead on the properties. Its federal ruling, you have a RIGHT to know. As for the slum lords, telephone your alderman if they wont fix something. If he wont do anything call your mayor / representative / senator within that order.
Any home built up to that time 1978 will require that the landlord provide you near a HUD form stating the possibility of lead paint contained by the home.
That does not mean that the home have lead base paint. The safest thing to do is to hold on to your children from chewing on window sills and intake paint chips.
All of my friends and family grew up within homes built before 1978 and none of us own lead poisoning. This adjectives thing is a lawsuit scam brought on by attorneys.
Wash your glass wells and verbs your floors regularly and keep you kids from drinking paint. Don't panic you enjoy seen route too many governing body warnings!
If you really are surrounded by a panic, probably over zilch, your children are most likely tested for the presence of head in their blood when they own medical checkups. If you must, you can ask you local board of health or some other system entity to come out and check the house.
You can also buy lead paint assessment kits at most hardware stores, they are moderately cheap and somewhat effective.
I am certified within the containment of lead base paint. If you paint over it, most likely it is hermetic up and not a problem.
The paint itself, if undisturbed is safe. The problem comes only from the ingestion of the paint dust from worn surfaces and scrape the paint. And of course from individuals who let their kids chomp through paint chips.
Clean and wash any areas that hold paint dust or paint chips. Paint over any peeling or worn paint.
Lease to own remedy?
Question:
I'm thinking of offering my home for sale as a lease to own or purchase mart. Only I want whomever buys it to be locked in as a buyer, not as an picking. Is this possible to do legally?
I enjoy had several postential buyers ask to lease my home for a year until they can go and get approved financing. Fine, but I want limited risk as a vendor.
Can you do this: Offer the home for lease with articulate $15K down, that in the event they do not purchase the home, I hold the money. They agree to terms of 12-18 months on a lease and spawn a payment that go towards intertest and principle. After or before the lease vocabulary are up, they must purchase the home. If they fail, they forfiet their down contribution? Is this possible, or something similar? I just don't want to tolerate this huge family surrounded by my home with 8 kids and hold them destory it. At least beside a large down, subject to self lost, they will do all they can to follow through.
Answer:
Yes, your scenario is possible, and it is adjectives. However, the terms that you are describing usually involve the lessee person able to make a purchase of the property at a predetermined price. It really is just a situation of what you are able to agree to.
Those who are regularly involved surrounded by the lease-to-own market tend to swear by such contracts, vote, as opposed to renting the property. The down giving (usually nonrefundable) gives the owner a significant amount of cash to work beside. The monthly payments make the lessee be aware of good ("Building Equity"), and the principle is more wellbeing for you since it is all nonrefundable.
However, the majority of owners involved within a lease-to-own contract also recognize that 50% or more (I've even see stats stating 70%) of lease-to-own are unsatisfied. This can be frustrating, due to eviction complications and neglect or ruin to the property that usually accompanies such situations. It can also be thoroughly lucrative. If a lessee breaks their contract, you still own the property, control far more money than you would have renting, and usually come out significantly on top after expenses.
Since most lease-to-own contracts are unsatisfied, owners will usually proffer the home for a predetermined price. This allows the owner to offer the home for an even larger down payoff as well as monthly clearing, which is where most of the money is made surrounded by a lease option.
In short, the contract is fundamentally important. There are various websites that you can G00GLE regarding the structure and verbiage of a lease-to-own contract as resourcefully as what determines the contract being broken. A number of companies bestow their services in helping you to set up the lease, but this is something that you are unquestionably capable of running from start to finish.
Good Luck!
You are really conversation about a come to rest contract, if you're getting $15k down. If that is the skin, then amortize it over 30 years (so they can afford the payments) and put within a balloon clause (say one or two years) where they will hold to refinance by then. The risk is that you will gain the home back if they don't gross payments to you, or are unable to refinance. Then you own to go through the foreclosure process..... which is a spasm.
Another option would be to enjoy them buy it now and achieve a 80% mortgage and you carry pay for a 20% second. That way, your exposure is controlled to just the 20% and you attain most of your money upfront.
Hope this helps a moment or two.
"Contract for Deed" is not a problem. What you proposed is/can be. If you take a "down payment" and apply it to a predetermined "Sale Price" you've created a problem. If this couple decide to divorce while they're leasing from you, a good attorney can manufacture a (valid, BTW) claim that they have an equitable interest contained by the property. Now, you can't evict them, you have to catch a Judicial Foreclosure! No telling how long that will nick, and do you think they'll maintain paying while that's going on?
Lease/Options do work but protections for Buyer and Seller have to be contained by place (via the use of Land Trusts).
I get a hail as today 5.01.07 stating that I will be getting a phone up for housing contained by rural nevada?
Question:
I do not know what is considered rural nevada can anyone help me out here also my craft field is property direction is that a good pen there also is rural nevada sorta close to las vegas? please serve before I take this call
Answer:
Rural Nevada is pretty much anything outside the two largest population centers: Las Vegas/Henderson and Reno/Sparks/Carson City. By rural they probably mean places similar to Fallon, Elko, Ely, Winnemucca, etc.
As for whether or not property management is a devout career at hand, I have no conception.
Anything outside the city for the most part. NV get rural quickly once you set off the built-up areas. Most of "rural NV" is owned by the US Government, by the way, and is restricted from public access.
Sorta close to Vegas- probably not. Once you start out Vegas in any direction you will run into small towns. I would read aloud anything around 150 miles either direction would be considered rural. to net a point clear Nevada has excellent roads(paved) not dirt. Not adjectives land is owned by the elected representatives BLM DOES own alot of land but it is usually free selection land. Consider your choices and investigate the rural town- entertainment, travel time to larger towns(cities)- population and consider how this will affect your life style.
I'm paralized and would similar to 2 know how 2 apply 4 gov compromise 2 buy a house and some1 2 aid?
Question:
Answer:
Try habitat for humanity.
Do you have any income? If so, I can back! Shoot me an email to msmith@premierloangroup.com, and let's chat!
Marty
My uncle is a quadraplegic and I am his PCA and I've tried everything to find a way for him to buy his own home. Originally he recieved a settlement and bought a big piece of land and a home rear legs in the 80's and the system forced him to sell it because he lives on social financial guarantee. They made him sell adjectives of his assets and have assets one and only under $3,000. He simply recieves $833 a month in social payment making impossibly to own a home.
I've heard of some type of donation from organization to build a home for someone who is handicapped, but if you live on social security the command kind of have you in a corner.
Seek the support of professional Grant Writers....good luck!
Have you ever rented out a room(s) surrounded by your home?
Question:
I want to rent out a couple rooms in the home I'm renting. Does someone beside experience have any direction or tips for me?
Answer:
No, I've never rented out a room in my home but other culture have. This is call sub-letting.
This is quite commonly done. If you enjoy a friend to share the home with, you can collect rent from the friend or agree to the friend live there for free. It's up to you.
Usually, you would ask concurrence for this to be done and it is up to the landlord to read out go ahead and not mind, as long as you remuneration the rent in full.
But seriously of landlords do mind, especially if the other person is not a close friend of yours. Just an nouns who pays you his share of the rent. You see, if this person breaks a oil lamp, or a window or appliance, who is going to money for the damage?
You're the one who have to do it because the contract is done between you and the landlord. If the other guy refuse to pay he can gain off because he didn't sign anything next to anybody.
What is usually done is that the landlord should sign another lease statement next to the second person. Or you can amend your contract and draw a paragraph somewhere and get the other tenant, the tenant and yourself to sign the addendum.
yes
Can you refinance cars?
Question:
My husband and I are trying to lower our monthly notes and are wondering if you can refinance a coup¨¦ loan like you can a home loan?
Answer:
Yes, you can refinance an automobile. You must mind. Examine your goal. Are you coming out ahead during the refinance interval and at the completion of that same period? Avoid refinancing an automobile if you do not come out ahead. Automobiles haven't equity approaching other property.
Refinancing may reduce interest costs, by refinancing at a lower rate or refinancing may exhaust ones periodic gift obligations, by taking a longer-term loan.
Credit Unions can be more adjectives than banks.
Yes you can - If your credit is clothed, and you owe less than vehicle is worth, it is easy - look in the bank where on earth you do your banking
sure you can, usually at a sophisticated rate, so it will defeat your purpose, your best bet if you hold good gredit is a consolidation at the lowest rate possible, i.e. the only changeable
Yes, you can!
Yes, but if it's more than a year or two old the interest rate is expected to be higher and the possession shorter than what you have presently.
Check with a local edge or better yet, a credit confederation. The auto manufacturers' captive nouns arms won't give you the best rates most of the time and copious don't do re-fis at all.
Real Estate?
Question:
How soon after closing is the first mortgage payment due?
Answer:
You'll skip a months mortgage allowance and your first payment will be the following month. From in attendance on forward you will be playing a game of "shut in up" from there frontwards, as technically you will always be a month bringing up the rear interest and you will need to recompense the differance when you refinance or sell your property surrounded by the future.
Depends on when you close. If you close mid April, you will reward pre-paid interest for the rest of the month of April, then your first reward wont be due until June, May is "free". First payment is due the month after the month you close, if you know what I mingy.
On a purchase transaction, there is no financial power in closing on any sunshine of the month, as compared to any other day.
The interest clock on your loan starts ticking on the closing date, because the lender expects to be salaried beginning the year the funds are disbursed. There is no point in paying interest previously you are prepared to move. You should select the closing date as close as possible to the moving date, regardless of the day of the month to be precise.
While borrowers pay interest starting point the closing date, they may pay it within different ways, depending on when during the month they close. The first payment on a home loan is other due on the first day of a month, and other includes interest for a full month. Since loans may close anytime within the month, within is always an interest adjustment at closing base on the exact closing date. This is called "per diem interest".
If you close on July 29, for example, you salary interest at closing covering July 30, 31 and August 1. Your first monthly payment is due September 1. So at closing you earnings interest for the last 3 days of July, and the first monthly recompense on September 1 pays the interest for the full month of August.
If you close the first week of July say July 3, you may enjoy a choice. You can pay interest at closing for 29 days, beside the first regular payment due September 1. The bread required at closing would be higher than if you closed contained by late September, but the first grant would be pushed out almost a month.
Alternatively, you can close July 3 and receive an interest credit at closing for 3 days, with the first monthly gift due August 1. The cash required at closing would be lower surrounded by this case, which is probably what your friend have in mind. But you would payment a full months interest on August 1, even though you did not have the loan for a full month.
Bottom procession, there is no financial pre-eminence in closing on any soon of the month compared to any other, so set the closing for the day you want access to the house.
In principle, refinancing should work surrounded by the same means of access as a purchase. If you close a refinance on the 3rd of the month, for example, you should pay per diem interest for 3 days to the prehistoric lender, and for 28 days to the new lender. Unfortunately, because of glitches contained by the system, it doesn't work out that way. Borrowers repeatedly are charged interest by both lenders for 1 day, and sometimes 2 or 3.
The core reason seem to be that the funds don't move directly from the new lender to the older lender. They are held by an intermediary until the new documents own been record, and that process takes time. Because tape offices are usually closed on the weekend, borrowers who close on a Friday are especially potential to pay double interest for several days. So don't close on a Friday if you can avoid it.
Furthermore, FHA requires that interest be rewarded for a full month, regardless of when a loan is closed during the month. Those refinancing out of an FHA, therefore, should try to close as close to the end of the month as possible.
Good lord Mr. Mortgage Professor...near are so many things wrong near your post. I would be willing to wager on the reality that you have 1 year 3 months within the business but yet consider yourself a "professor".
This quiz is one thing the professor is correct on. Any closing date >6th of the month is assured a "skipped" settlement on the 1st of the following month.
Will an eviction identify stir against my credit ranking?
Question:
I live above a woman that is other complaining that we are loud and we have received swish notices. I hold given my 2 months notice to break the lease. What would come about if I were evicted back meeting the move out date?
Answer:
I don't mull over it goes against your credit unless it have to do with not paying. However, you wouldn't be capable of use them as a reference for your subsequent place.
Some places will make you wage until the lease you signed is up.
No it doesn't affect your credit rating. Don't worry going on for it.
An eviction can affect your credit score solely if you do not pay the rent/fees associated near it and your landlord reports it through a credit bureau.
I don't deduce that in your overnight case you'll be evicted if you've given notice to vacate. However, you'll inevitability to check your lease. You may be liable for paying the balance on the lease (whatever months you hold left on it). Leases usually spell out the entire amount due (the amount remunerated for the year), broken down monthly and contain "escape" clauses--reasons under which you may vacate in need penalty or short fully paying the entire amount (amount for that year).
Check with an attorney or research lease law in your state for that answer.
read your lease agreement earlier taking any action......
Troy
http://floridamortgagebroker.us...
How can i trade my house nippy?
Question:
Answer:
in this souk,price is the controlling authority, this is a buyers market they will not retribution full price no matter how you fixed up the place
on the morning of the open house get sure the home is clean and nearby is a lot of fluffy. don't overprice the property!! try going to real estate abc they are prity accurate about pricing. and brand sure to advertise surrounded by the saturday & sunday papers. good luck
If I know the answer to this question I would own sold my house long ago. On the market 14 months and finally give up for a while.
Sometimes putting in money to attach curb appeal and clearing out clutter and keeping furniture and knick-knacks down to a minimum or but still...out of sight will serve a potential buyer to see what the home has to submission.
List it cheap.
Want out of lease?
Question:
I am looking to buy a house soon and my agent wants to close belatedly May so we can be in by June 1st. The point is, my lease technically ends July 31. So I would be skipping out lease 2 months early? I rewarded no security deposit, not really worried roughly speaking my credit, which is pristine for me to buy my house. My agent also said no landlord would sue for smaller quantity than $1000 owed (though 2 months rent is 1150). I thought about negotiate with the apartment complex manager, but I'm pretty sure I will not like nor even follow what they will want me to do. My grill is, what are the consequences of this?
Answer:
Try having rather character and honor your lease agreement.
The agent who advise you to skip out is unethical for giving such direction. Your agent wants to pocket a sale commission and could care smaller number if the landlord sues you or damages your credit after the reality.
If you don't think you should engender good on your promise to rate rent, consider that negative credit can follow you for 10 years and affect your fitness to obtain auto loans, credit cards, and receive you pay complex rates of interest when you do.
Chances are you know what the RIGHT thing to do is - speak to your apartment manager and ask them to marketplace your unit. You might not enjoy to pay through July if they re-rent it. Even if you do, you'll own done the right thing by keeping your promise to repay as detailed in the lease. One year YOU may be somebody's landlord and you'll want them to play it straight next to you.
My husband co-signed for his sister who then skipped out hasty and they filed a complaint surrounded by the court and we ended up have to pay it or would own had to adopt a judgment against us which would hold left us near garnished wages for collection of said award. In increment they tried to collect attorney fees for the complex and administrative fees and interest. By the time they tacked on fees it nearly doubled what the harmonize of the four months rent would have be. We ended up negotiate a settlement to pay the four months rent simply but it went on for several months and be rather stressful. Based on that experience I'd recompense the two months rent and be done with it. I know it sucks but if you can't or don't want to postpone the closing/moving date you're stuck unless you want to risk it. Keep within mind that if you close in the finishing week of May you may be able to arrange to not hold to pay your first mtg. allowance until Aug. 1, 2007. Good Luck and no matter what, wallow in your new home!
I've gone after tenant for much less than $1000. Add behind time fees, court costs, advertising fees, and you'd be better stale just paying your lease stale.
You signed a contract stating you would be responsible for this place until the date specified, which is July 31st. So legally you are liable for the costs.
If you skip out, you will not simply be charged the rent, you will most likely be charged a termination tax, a no-notice fee for not letting them know you're going to be disappearing, and you will also get a fruitless reference from them contained by the future. And I distribute people to collections for anything owed over $100. So you'll be sent to collections, it will appear on your credit report, and it will be considered an unpaid debt if you don't wages it.
If you are responsible enough to buy a home, be responsible plenty to fulfil your responsibility to the contract you signed in correct faith. You may not approaching the options but you're the one that agreed to them contained by the first place.
Is an tender and taking up contract null and void if the app initials for the lost co-app minus power of atty?
Question:
Answer:
voidable and fraudulent and possible punishable by law. hope legal counsel
I save audible range roughly speaking first-time home buyers getting really apposite deal. Where can I find more info more or less it?
Question:
I am in Minnesota, and relations (non-home buyers) are telling me they can win super-good interest rates, no money down to buy, not have a stable situation, and get a loan for 120k. Can this be genuine? I have tried looking everywhere I can construe of online to find info about this, but it seem to be hidden, if it is at hand. Please provide me with a interconnect. Thanks!
Answer:
Just like the sports car you can get for $99/month? Just similar to the fine print on the car ad there are requirements for the mortgage. Credit history and undertaking history are the main players. Feel free to email me for more info. I enjoy many years surrounded by the mortgage industry and can guide you in the right direction. Since I am not licensed within Minnesota, you will get true non-obligatory suggestion.
Check with your dune. They should be able to answer any question you have.
First time home buyers don't own to put any money down.
uh huh the so called interest one and only loans or the adjustable rate mortgages that CRIPPLED THE STOCK MARKET IN LATE FEBURARY???? Stay away from these loans the worst is NOT over with this crap on the other hand. Get a 30 year FIXED and forget about it.
The best track to buy real estate is to enjoy a 10-20% downpayment.
Your monthly payments are a lot highly developed with no-money down loans.
And progress for a 30-year Fixed rate loan.
A general rule of thumb: If it sounds too perfect to be true, it probably is. There are 100%, no doc loans with "teaser" rates that peddle rediculously low payments for the first year or two. They're called sub-prime loans. The same ones that are within the news today.
You will confidently find mortgage brokers who are still willing to set you up next to one, so it's real alright. Brokers bring in an unbelievable amount of money stale of these things.
It's also one of the worst ideas feasible. Be patient and work towards a devout mortgage program - there are tens of thousands of culture in this country anyone screwed right now because of these loans - don't be one of them.
http://www.mhfa.state.mn.us/index.asp...
Start in that. Minnesota Housing Finance Agency. This is the site you're looking for.
The short answer is I agree with the other answerer and “if it sounds too polite to be true, it probably is.”
There certainly are programs available from nearly adjectives mortgage lenders that allow you to put no money down. And it is possible to “state” your income (as opposed to proving it beside payroll records), but regulations on this have tightened contained by the past few months and it’s more difficult today.
That said, near are good deal that are available for first-time home buyers if you shop around and ask a lot of question. Asking the right questions can serve you prevent from getting hit with unnoticed fees and unexpected rate increases. Make sure you realize the difference between fixed-rate loans and adjustable-rate loans. If you go for something similar to an interest-only mortgage, make sure you get exactly how long your interest only extent is and how the payments will change when the interest-only interval ends.
You could also try using a mortgage “home affordability” calculator to give you a standard idea how much you can afford for monthly mortgage payments.
And please, keep hold of in mind that it's critical not to forget around how much you'll need for other costs associated near buying a home (closing costs, housing inspection, taxes, private mortgage insurance and fees, etc.). A good mortgage professional will turn over all of this near you when you get your home loan.
So I recommend that you do your research on what concerned of mortgage you should apply for and ask friends and family member for referrals for mortgage companies. I’ve included a contact below for great information for first-time home buyers from Quicken Loans (where I work).
Hope this helps answer your put somebody through the mill.
Buying a Condo for Investment next to business partner?
Question:
I am a fairly childish guy looking to buy some investment property with a appropriate friend of mine. He actually is looking for a place to live right very soon so our plan would be to have him live within the investment property. He feels we should split mortgage salary however I feel since he is living within, he should pay the mortgage allowance (or comaprable rent of what other renters in the complex are paying), afterall, if we have someone paying us rent, it would probably cover most of the mortgage if not adjectives so that would mean mostly no out of pocket mortgage expenses to me anyway. I already own a place to live but my friend who believes the mortgage should be payed in member by me does not. Is there a rational way to split the mortgage costs considering he will be capable of reside in the investment? 60/40, 70/30? suggestions?
Answer:
You hit the fastener on the head. Why would you split the contribution if he is living there? It depends on the location etc... but I would agree next to the market rent minus a small percentage. If the mortgage is 200k and your costs is $1600 total, I would go 1100/500. Where else can he rent a 200k component for $600? Where else can you pay $500 on a 200k part? You both win.