Faced with finicky lenders, would-be home buyers are increasingly turning to Dad, Grandma
or rich Uncle Montgomery—even perfect strangers they met online. While these
solutions are understandable, given the abundant bargains on the market, they
also present significant risks.

In so-called intrafamily loans, the borrower often saves on interest since parents are likely to charge
less than the banks.  Parent lenders can earn a higher return from their child’s interest payments than they would on a certificate of deposit or money-market fund. Under federal law, on a loan of more than nine years, parents in most cases must charge at least  2.8%.

Of course, intrafamily loans can upset the family dynamic.  Parents should be clear about how repayment will work. In some cases, it may even make sense to hold back on future monetary gifts or inheritance if it isn’t repaid.

Lending to children and other family members should be done carefully.
Use interest rates mandated by federal law: minimum of 0.2%, 1.3% or 2.8%, depending on repayment period.

Specify time period and due dates for repayment.

Set penalties for missed payments.

Consider drafting and reviewing with an attorney before signing.

Back to the basics and keeping it in the family.

If you are looking for a home to buy, sell, or lease in Montgomery, Texas 77356 please call Debra Nowaski @ 936.444.6329. I am a realtor with The Property Source located on Walden Road.

Perfectly situated in this gated community of Wildwood Shores. This corner lot gives you the awesome view of Lake Conroe and you have the Sam Houston National Forest as well. Located on the North end of Lake Conroe.

7.52 Acres. Excellent Property, Excellent Location. 105/321. Plenty of room for development. Mature 28-29 Yr. Pines. Close proximity to proposed 800 AC Liberty Motorsports Park. Currently on Timber Exemption. Terrain is Level.

Tip: To stop intruders right off the bat, upgrade your locks and strike plates by installing 4-screw strike plates and Grade 1 or 2 deadbolts.

Cell phone-operated locks

Everybody forgets to lock a door now and again. But not everybody has a remote system to control their locks with a cell phone and a text-messaged pin code that’s as encrypted as a password for a bank website. With this doozy, you can lock your doors or let in friends from anywhere that has cellular service. It can also notify you whenever the system’s been used.

Personal drone

Housed in a mailbox-like enclosure, this observant gadget can launch into the sky, record video, and return to home base all on its own—and it can be up and running within one minute of a security breach.

Fog shield

An added deterrent for the high-security home, this motion-activated fog shield acts much like the dance-floor variety, except it’s programmed to go off when an intruder is in close proximity. It won’t do much to stop the intrepid burglar, but in a tight enough space, the dense smoke might confuse them enough to second guess the heist—or break into an impromptu Macarena.

Tip: Whether or not you have an advanced security system, always remember to disable your automatic garage door opener and lock it before you go on a long trip.