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Personal Advise Needed Dealing With Elderly Mother

In summary, my mother is very dependent on me for help alot. She is not married, lives beside me, is about 70 years old, and is raising two teenage grand children. She supports herself by means of social security, and renting a back bedroom, plus renting out another house where she only gets a little of the money because the rest goes to the mortgage. She is worried once the money is gone then that is it. Her plans with the rest of the money is to buy a foreclosure home and rent it.
sluna75
39
:yuck: To make a long story short, my mother is very dependent on me for help alot. She is not married, lives beside me, is about 70 years old, and is raising two teenage grand children. She supports herself by means of social security, and renting a back bedroom, plus renting out another house where she only gets a little of the money because the rest goes to the mortgage.

Question: My mother just sold a doublewide for $14,000. She has used some of the money to pay off somebills and fix your computer. Now I wish for her to buy another car because the one she has is not worth the upkeep. When her car is in the garage, she uses my other car, which is fine for me, but not for my DH. In fact it is his car. He keeps telling me I need to get her to buy another car, and I agree with him.

My mother is still very indepedent as she makes her own decisions and comes and goes as she pleases. Her plans with the rest of the money is to buy a foreclosure home and rent it. She has seen where she can buy them for 9 to 10 thousand dollars. SOUNDS LIKE A DREAM TO ME! But anyway, she is worried once the money is gone then that is it. She will be out of any way to gain some sort of financial security. She is told old to just go to work, she has no other piece of real estate to sell for extra income, unless she sells the property under her own feet. This money is the last drop.

Should she invest it in a foreclosure home, or try to get another car. She can not afford car payments either. So the idea of put down for a car is not an option either. She is elderly and her income is very small.

She needs another car really bad, but she figure she can buy another car any another point in time after she has other income. She is not always going to have our other car to use, becuase we have plans to sell it also. She knows this as well.


What would you do???????????
 
Your Mom is right. Foreclosed homes are auctioned for what's owed, which is usually much less than the value of the home. By purchasing rental property and not having a mortgage on the property, she is creating passive income. Meaning she does not have to get up and go to work for the monthly check.A vehicle does provide a convenience, but it is not considered an income producing asset, as it's value will depreciate each day. She will not be able to sell it next year or 10 years down the road for the purchase price or a profit. Rental income will provide extra money in the monthly budget to save and buy a new car, and provide more in the years to come. ;)
 
Just beware. There might be expenses involved in getting the property to a rentable condition. I'd make sure she finds someone who is well versed in such sales.
 
Yes, it definitely has to be in rentable or cheap repairable condition! Some people destroy the inside of a house when it's about to go into foreclosure, taking EVERYTHING including light fixtures. :(
 
Sheila said:
Yes, it definitely has to be in rentable or cheap repairable condition! Some people destroy the inside of a house when it's about to go into foreclosure, taking EVERYTHING including light fixtures. :(

The sad thing is, that when a bank forecloses and sells the house, IF they make money, it goes to the owner, not the bank. So it makes no sense to trash your house because you are making sure you will not get anything back where you might otherwise.
 
Buyer beware. She could buy a house at a bargain, then discover it has black mold, a faulty furnace, numerous other things.

And then she would have big repair bills to make the house rentable.

I agree that a car is not income producing. Except in certain cases, including mine, you must have a car in order to make money. I'm dealing with that myself.

But I also agree that you don't have to spend thousands and thousands on a car. You can get a very nice car for about a third of what you mentioned. Yes, you may need to make repairs, but you could also have to make those repairs on a new car.
 
I don't have any advice. But I do know I wish my mother was still alive so I could argue about this kind of stuff with her!
Bless your heart. I hope whatever is decided turns out well for you & yours.
 
Oh, I just finished reading "The Richest Man in Babylon" which has been a classic on money & acquiring wealth since the 1920s I believe, and a car is not an investment, but a house is.

But. It depends on the house, like other folks are saying.

If you can fix it up to accomodate Section 8 disabled folks in wheelchairs, you will have a moneymaker for years. They don't tend to tear up their Section 8 housing like some Section 8 renters do. Lots of paperwork, but if your mom's got the time...

So I guess I do have some late-night advice ; )
 
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1. How do I handle my elderly mother's resistance to receiving help?

It can be challenging to navigate resistance from an elderly parent when it comes to receiving help. One approach is to have an open and honest conversation with your mother about your concerns and the benefits of receiving assistance. You can also involve a trusted family member or healthcare professional to help facilitate the conversation.

2. What are some strategies for managing my elderly mother's daily tasks and activities?

Creating a daily routine and schedule can help manage your mother's tasks and activities. It's also essential to prioritize tasks and delegate responsibilities to others when needed. Utilizing assistive devices and technology can also make daily tasks more manageable for your mother.

3. How can I ensure my elderly mother's safety and well-being at home?

There are several steps you can take to ensure your mother's safety and well-being at home. These include installing safety features such as grab bars and handrails, removing trip hazards, and ensuring proper lighting. It's also crucial to regularly check in with your mother and have a plan in place for emergencies.

4. What are some ways to provide emotional support to my elderly mother?

As a caregiver, it's essential to provide emotional support to your elderly mother. This can include actively listening to her concerns, spending quality time together, and engaging in activities that she enjoys. It's also crucial to encourage her to continue pursuing her interests and hobbies.

5. How can I balance caring for my elderly mother with my own personal and professional responsibilities?

Caring for an elderly parent can be physically, emotionally, and mentally demanding. It's essential to prioritize self-care and set boundaries to avoid burnout. Don't be afraid to ask for help from family members, friends, or professional caregivers. It's also crucial to communicate openly with your employer about your caregiving responsibilities and explore any available resources or accommodations.

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