My Husband and His Mom Co-Own an Apartment

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Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 12 October 2020

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Ramsey Call of the Day is a quick, daily dose of advice on life and money in under ten minutes. Hear from experts like Dave Ramsey, Ken Coleman, Rachel Cruze, Chris Hogan, Christy Wright, Anthony ONeal, and Dr. John Delony. Part of the Ramsey Network. Delivered to you five days a week. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	It's Monday, and this is the Ramsey Call of the Day, part of the Ramsey Network.
0:07.0	Christy Wright, Ramsey Personality, is my co-host this day.
0:11.0	Alicia is in Oakland, California.
0:13.2	Hi, Alicia.
0:13.7	How can we all?
0:15.4	Hey, Dave, thanks for having me.
0:17.4	Sure.
0:18.3	I was calling to get some advice from you. I have an idea of what I should do, but it's always good to call Uncle Dave.
0:29.0	Okay.
0:30.7	So my husband and his mom purchased an apartment condo in 2008. They paid it off December
0:42.2	2018. So they were ahead on a 30-year mortgage loan down to a 10-year, essentially.
0:50.5	Essentially, the dilemma is whether or not to sell it or lease it when the time comes for us to move up in house.
1:00.3	You're living in it.
1:02.3	Right.
1:03.1	So we, he owns it.
1:04.7	We're living in it.
1:06.0	Technically, there's no mortgage, but my husband made an agreement with his mom at the very beginning to pay her back
1:13.5	as soon as the mortgage was paid off. So he pays about a thousand to buy her out. To buy her out?
1:19.7	Right. Correct. Okay. How much does he owe her to buy her out? I'm assuming she says she put in extra money after her contribution of money down in the beginning.
1:35.2	She put down 90.
1:36.8	He put down 10.
1:38.3	She says she's put forward extra.
	...

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