“We want to cosign to help our 40-year-old daughter buy her first home, but with prices so high here in San Diego she can’t afford the payment. Can you give us any advice?”
***ANSWER:
Consider a small duplex for her first home, like my wife and I did in the mid-1980’s. The rent should more than offset the increased monthly payment due to the 2nd unit, thus effectively lowering her payment. Plus she’s buying more real estate, which is a great long-term investment.
Be sure to keep a rainy day fund for when you have a vacancy.
