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Reply to "Did you get parental help to buy any houses you own? "
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[quote=Anonymous]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. [/quote]
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