Drew (Caller)

Hey guys, thank you so much for taking my call.

Quick background before I state my question.

15 years ago, my parents went broke and transferred their house to me for a symbolic dollar to keep it from the bank.

The transfer was legal.

The contract gives him a lifelong right of residence, but doesn't require rent.

They only pay property taxes and upkeep, meaning no positive cash flow on my end.

They also verbally agreed to pay off the remainder of the mortgage.

Because of that, they have always acted as if the house was still theirs.

allowing people to live in parts of the house and remodel sections without my knowledge.

And I'm OK with that.

Now, after their court case ended last year, they're expecting me to pay for the house.

And my question is, am I required to pay them if I want to keep the house?

No, the lifelong residency, right of residency keeps them in there, and I'm okay with that.

No.

Exactly.

More than 500K.

I'm 36.

Yes.

No, we're actually living in a different country.

That house is not in Texas, in Fort Worth.