Looking for an investor to save my family home

tomk

I've got myself and my family (my mother, wife, and two kids) into a lot of difficulty. I thought I had a solution a couple of months ago when I proposed that my mother, who is 90 and has dementia, come and live with us. My brothers and sister agreed at the time and were going to pay me as a carer, so i submitted a new proposal to EBS based on that income.

My mother has just about settled in with us at this stage, but my siblings are now refusing to pay me because of loans that I received from my mother at various times and never paid back. This will undoubtededly result in EBS declaring our mortgage unsustainable. I have offered to sell our house to pay back the loans to my mother, but this would be far from ideal, as we would have to move my mother again to rented accommodation, and the first move was quite difficult for her.

The Mortgage-to-Rent scheme would be ideal for us, but unfortunately we don't qualify as the house value is above the €220,000 limit. So I was hoping there might be some institution or individual who would consider buying our house at the current value and renting it back to us - essentially a Mortgage-to-rent transaction, but operated privately.

I know that this is a long shot, but I'm getting desperate. If there are no replies, I'll understand.

RedXIV

tomk wrote: »

but my siblings are now refusing to pay me because of loans that I received from my mother at various times and never paid back.

I sympathise OP, that's a hard position to be in.

I think you'll have a hard time getting an investor with your honesty above. You have a track record of failing to pay debts, this will probably worry most.

Hope you get a way out if it, just my 2c there

bjork

Where was your mother living before? If it was in her own house
a) Any chance you could sell it?
or
b) Any chance you could move in there?
Are you getting any payment from your mother or have you applied to be her carer to the social welfare.


I'm not sure what else to suggest.

Wabbit Ears

If they aren't going to pay you to mind her then change the plan and put her in a home and all pay towards that.

Been there, done that with elderly sufferers of dementia, its a HUGE personal undertaking that will massively affect your family life.

Your mother would have wanted you focusing on whats best for your family and kids (unless shes a bit of a díck like mine is) so focus on sorting that out.

Squatman

Wabbit Ears wrote: »

HUGH personal undertaking that will massively affect your family life.

Who is Hugh? Huge...

OP could you apply to be her carer, or you wife for that matter, and get paid for the state? i heard of that being done, but dont know how to go about it.

Kelly06

First off you should apply for carers allowance

http://www.citizensinformation.ie/en/social_welfare/social_welfare_payments/carers/carers_allowance.html

Bit of info on it for you there.

Caring for a relative with dementia is incredibly hard. I know this because my mother has it. You are very brave and what your doing for your mam is amazing. I just want to say that there is help there for you if you need it. Contact your community health nurse they are there to help if things get hard. The altzheimers society is also feckin amazing. The HSE can organise respite here and there for the family but I can't stress enough the importance of accessing their services sooner rather than later.

If it all gets too much and your mam needs to go into a residential care home the fair deal scheme (not the correct name)is in operation. Your mother will only be required to pay what she can afford according to her financial circumstances.A geriatrician needs to approve the application for care. I know it took us six months for her approval and in the meantime my mother was going down hill. Now that she has a place in a good home she has come on in leaps and bounds! I actually think she wouldn't still be with us otherwise.

As for the situation with the mortgage could you perhaps sit with your siblings and talk about the best way forward for all concerned. To be honest your mam is 90 she could outlive us all but she could need proper round the clock care and specialist equipment that you are unable to provide in the near future and if that was the case your siblings would not be paying you if your mam was in residential care, without their payments would you the be In difficulties with your mortgage? Wishing you and your family all the best x

BarneyThomas

How would you feel if said investor bought your house and asked you to move out after a couple of years.

Ray Palmer

Nobody is going to do this. The risks are huge to the investor and you have a bad track record your own family don't want to support you because of it

The_Conductor

Ray Palmer wrote: »

Nobody is going to do this. The risks are huge to the investor and you have a bad track record your own family don't want to support you because of it

Unfortunately- and regretably- what Ray says is entirely true.
The premium any investor would need to even consider an undertaking like this- would make it a complete and utter non-runner.

Lets presume the property has a ballpark value of 250k- any investor would want a 7-10% ROI, after costs, to make this work. Its entirely forseeable that the rent could be north of 2k a month- this is wholly exclusive of what any local properties may be making- this is what would be necessary to make the figures work for an investor. If the property is worth in excess of this- the rent would rise by a commensurate amount.

Current property valuations- do not support rental yields- which is why, by-and-large, investors have exited the residential market- the sums quite simply do not add up.

You're going to have to get your thinking cap on again- because looking for an angel investor- is not going to work.

Does your Mum own her own home? Could it be sold- or leveraged to assist?

Realistically- in the absence of considerable financial or other assistance from other family members- you are going to have to find work outside the home- or your own immediate family- your wife and your children- will be destitute.

By-the-way- as a carer, who is not actively seeking employment- you are not entitled to unemployment assistance- you are however entitled to a carers assistance allowance...........

The whole situation is nuts- complete and utter nuts.

ABajaninCork

Sell your house, pay off what you owe, and use the remainder to rent something smaller for your family and settle your Mum in a nursing home. You and your siblings can put together on the costs. That's the fairest way I can see out of this.

Is your wife working?

Corinthcanal

The_Conductor wrote: »

Unfortunately- and regretably- what Ray says is entirely true.
The premium any investor would need to even consider an undertaking like this- would make it a complete and utter non-runner.

Lets presume the property has a ballpark value of 250k- any investor would want a 7-10% ROI, after costs, to make this work. Its entirely forseeable that the rent could be north of 2k a month- this is wholly exclusive of what any local properties may be making- this is what would be necessary to make the figures work for an investor. If the property is worth in excess of this- the rent would rise by a commensurate amount.

Current property valuations- do not support rental yields- which is why, by-and-large, investors have exited the residential market- the sums quite simply do not add up.

You're going to have to get your thinking cap on again- because looking for an angel investor- is not going to work.

Does your Mum own her own home? Could it be sold- or leveraged to assist?

Realistically- in the absence of considerable financial or other assistance from other family members- you are going to have to find work outside the home- or your own immediate family- your wife and your children- will be destitute.

By-the-way- as a carer, who is not actively seeking employment- you are not entitled to unemployment assistance- you are however entitled to a carers assistance allowance...........

The whole situation is nuts- complete and utter nuts.

Reality must intrude at some point.