Did you get parental help to buy any houses you own?

[Anonymous]

Anonymous wrote:

Anonymous wrote:When I was 26, I moved back to DC and wanted to buy a house. I had recently graduated from law school, I had school debt, and I didn't have enough money for a down payment. My parents had a fully paid-off house. They agreed to put a HELOC on their house, and to lend me the money for my down payment. I paid every cent of closing costs, interest, and principal on the HELOC, and paid it back in full within 3 or 4 years. So, it was a wash from my parents' perspective, but gave me the capital needed to buy my first house. I have since bought more properties, and have done quite well. But that was definitely "parental help" that allowed me to buy my first house.

When you applied to get your mortgage, did you lie and say the money in your account that you put towards a down payment was a gift? Or did you admit that it was a loan?

Neither. They bought the whole thing in cash and we took out a mortgage six months later.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No, we did not get any help from our parents. Bought a 1.1 million dollar home and put $200,000. I’m proud of us!

Are you saying that you'd be less proud of your parents helped you? Why? What else should rich parents do with their money?

What is there to be proud of if your parents helped?
If they earned it themselves, they accomplished a difficult goal. If you’re parents give it to you, you didn’t have to do anything for it or put work or effort towards it.

What are you talking about? You still have to have a good job and make good money and have good credit to qualify for a mortgage for a decent house. So, yea, nothing to be proud of if the parents give you a house, but if they help with a down payment? Of course it's still something to be proud of.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No, we did not get any help from our parents. Bought a 1.1 million dollar home and put $200,000. I’m proud of us!

Are you saying that you'd be less proud of your parents helped you? Why? What else should rich parents do with their money?

What is there to be proud of if your parents helped?
If they earned it themselves, they accomplished a difficult goal. If you’re parents give it to you, you didn’t have to do anything for it or put work or effort towards it.

What are you talking about? You still have to have a good job and make good money and have good credit to qualify for a mortgage for a decent house. So, yea, nothing to be proud of if the parents give you a house, but if they help with a down payment? Of course it's still something to be proud of.

I don’t think it’s the same. Especially if you personally didn’t have the cash for the full down payment yourself. (from your career, not additional help from parents)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:When I was 26, I moved back to DC and wanted to buy a house. I had recently graduated from law school, I had school debt, and I didn't have enough money for a down payment. My parents had a fully paid-off house. They agreed to put a HELOC on their house, and to lend me the money for my down payment. I paid every cent of closing costs, interest, and principal on the HELOC, and paid it back in full within 3 or 4 years. So, it was a wash from my parents' perspective, but gave me the capital needed to buy my first house. I have since bought more properties, and have done quite well. But that was definitely "parental help" that allowed me to buy my first house.

When you applied to get your mortgage, did you lie and say the money in your account that you put towards a down payment was a gift? Or did you admit that it was a loan?

Neither. They bought the whole thing in cash and we took out a mortgage six months later.

So they bought the whole thing in cash, in their name? Or in your name? And if it was in your name, how did you suddenly come up with the 20 percent? A bank isn't going to give you a loan for 100 percent of the value of your house, and the house couldn't have been worth much more six months after your parents bought it.

So I'm thinking you might be full of shit.

[Anonymous]

No. $1M.

My mom did however buy me a package of address labels when I bought my first house.

[Anonymous]

100k gift for DP towards first house.

Proceeds from sale + 350k gift towards 2nd house DP.

In return we gave them 3 grandkids so it was a win-win.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No, we did not get any help from our parents. Bought a 1.1 million dollar home and put $200,000. I’m proud of us!

Are you saying that you'd be less proud of your parents helped you? Why? What else should rich parents do with their money?

What is there to be proud of if your parents helped?
If they earned it themselves, they accomplished a difficult goal. If you’re parents give it to you, you didn’t have to do anything for it or put work or effort towards it.

What are you talking about? You still have to have a good job and make good money and have good credit to qualify for a mortgage for a decent house. So, yea, nothing to be proud of if the parents give you a house, but if they help with a down payment? Of course it's still something to be proud of.

I don’t think it’s the same. Especially if you personally didn’t have the cash for the full down payment yourself. (from your career, not additional help from parents)

Interesting. Because I sure do. I have hardworking kids who have always done everything right, so yeah I've helped them with down payments and think they should be proud. If they were deadbeats I'd never have done it. I'm also proud of MYSELF that I was able to help. My own parents couldn't.

Don't be jealous of people with more money than you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:When I was 26, I moved back to DC and wanted to buy a house. I had recently graduated from law school, I had school debt, and I didn't have enough money for a down payment. My parents had a fully paid-off house. They agreed to put a HELOC on their house, and to lend me the money for my down payment. I paid every cent of closing costs, interest, and principal on the HELOC, and paid it back in full within 3 or 4 years. So, it was a wash from my parents' perspective, but gave me the capital needed to buy my first house. I have since bought more properties, and have done quite well. But that was definitely "parental help" that allowed me to buy my first house.

When you applied to get your mortgage, did you lie and say the money in your account that you put towards a down payment was a gift? Or did you admit that it was a loan?

Neither. They bought the whole thing in cash and we took out a mortgage six months later.

So they bought the whole thing in cash, in their name? Or in your name? And if it was in your name, how did you suddenly come up with the 20 percent? A bank isn't going to give you a loan for 100 percent of the value of your house, and the house couldn't have been worth much more six months after your parents bought it.

So I'm thinking you might be full of shit.

Oh sorry - I just realized I’m not the original person you responded to. I was the “my parents gifted us $1M on our $1.6M house” response. I have no idea about the HELOC poster.

[Anonymous]

First home parents put 200K down on 1M house, and co-signed the mortgage (which we paid in full each month). So we owned 80% and they owned 20%. We sold it a few years later for around 1.2, and parents got their 20% (so 240K) and we got 160K+ after paying off mortgage. Put that into our down payment for our next house. Etc.

[Anonymous]

Anonymous wrote:100k gift for DP towards first house.

Proceeds from sale + 350k gift towards 2nd house DP.

In return we gave them 3 grandkids so it was a win-win.

We gave our parents the same and didn’t get that. I think we are in a unique situation with super wealthy parents and absolutely zero help. Also got an athletic scholarship that covered college in full. No help with education, wedding, travel to see them, down payments, grandkids and meanwhile they live in an 8m house. The most we got was $100 towards one of the kids college account lol.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No, we did not get any help from our parents. Bought a 1.1 million dollar home and put $200,000. I’m proud of us!

Are you saying that you'd be less proud of your parents helped you? Why? What else should rich parents do with their money?

What is there to be proud of if your parents helped?
If they earned it themselves, they accomplished a difficult goal. If you’re parents give it to you, you didn’t have to do anything for it or put work or effort towards it.

What are you talking about? You still have to have a good job and make good money and have good credit to qualify for a mortgage for a decent house. So, yea, nothing to be proud of if the parents give you a house, but if they help with a down payment? Of course it's still something to be proud of.

I don’t think it’s the same. Especially if you personally didn’t have the cash for the full down payment yourself. (from your career, not additional help from parents)

Interesting. Because I sure do. I have hardworking kids who have always done everything right, so yeah I've helped them with down payments and think they should be proud. If they were deadbeats I'd never have done it. I'm also proud of MYSELF that I was able to help. My own parents couldn't.

Don't be jealous of people with more money than you.

You’re assuming they have more money. I own a 2m home with no help. They might be hardworking but surely you can see why someone who saved $200k+ with no help should be prouder? It’s more of an accomplishment. It just is.

[Anonymous]

Yes, we have a loan from a family trust instead of a commercial mortgage. But I mean, where do you draw the line on help? Not directly for housing, but we also benefited from debt free school, annual cash gifts, trust fund we can tap for major life stuff, etc etc etc. So I would say it’s a lot more than the loan.

[Anonymous]

No.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No, we did not get any help from our parents. Bought a 1.1 million dollar home and put $200,000. I’m proud of us!

Are you saying that you'd be less proud of your parents helped you? Why? What else should rich parents do with their money?

What is there to be proud of if your parents helped?
If they earned it themselves, they accomplished a difficult goal. If you’re parents give it to you, you didn’t have to do anything for it or put work or effort towards it.

What are you talking about? You still have to have a good job and make good money and have good credit to qualify for a mortgage for a decent house. So, yea, nothing to be proud of if the parents give you a house, but if they help with a down payment? Of course it's still something to be proud of.

I don’t think it’s the same. Especially if you personally didn’t have the cash for the full down payment yourself. (from your career, not additional help from parents)

Interesting. Because I sure do. I have hardworking kids who have always done everything right, so yeah I've helped them with down payments and think they should be proud. If they were deadbeats I'd never have done it. I'm also proud of MYSELF that I was able to help. My own parents couldn't.

Don't be jealous of people with more money than you.

You’re assuming they have more money. I own a 2m home with no help. They might be hardworking but surely you can see why someone who saved $200k+ with no help should be prouder? It’s more of an accomplishment. It just is.

I own a $2 million home and a $1 million home -- both without help. My kids bought houses with my help. I'm no prouder of myself than I am of them. So, nope. I disagree.

[Anonymous]

$20k from parents towards first $145. Married moved into $238. With addition, now worth $1.5