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

[Anonymous]

Bought house in 30s in 2006. Not a good time. Saves money by living with roommates and then an apartment on my own. I thought my family was generous when I’d get $100-$150 (without the extra zeroes) for bday and Christmas combined. I would be ashamed if my my parents gave me money to pay for a wedding or house. Some people are real takers around here. I also paid my own way through college and paid my own bills. For those who inherited money after parents passed is different.

Just because your parents offer to pay, doesn’t mean you have to take their money.

[Anonymous]

Anonymous wrote:Did you get parental support (trust fund or DP help)?
How much is your current home/s worth?

DH and I would be SO embarrassed if we felt it necessary to get parental support to buy our house. There is no greater indication of failure in life than this. Our current home is worth $4.3M. We spent 10 years renting and saving up $1.5M, put $500K down on a $1M fixer-upper, then invested another $1M in a full-scale luxury renovation. DH and I rolled up our sleeves and did 100% of the work ourselves: electrical, porcelain tile, teak and ipe hardwoods, marble statues, detailed plaster ceilings, in-ground pool with Murano glass mosaic panels, etc…. Easily worth $4.3M now!

Still blows my mind when people accept handouts from family members and actually pay other people to do such simplistic things like pouring concrete slabs.

[Anonymous]

The first home I bought was a townhouse for $225K in Alexandria now worth about $650K. No help.

[Anonymous]

Anonymous wrote:Yes, downpayment of $200,000 on $1m house. Sold the house 7 years later for $2m.

I hope you paid your parents back with interest.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Did you get parental support (trust fund or DP help)?
How much is your current home/s worth?

DH and I would be SO embarrassed if we felt it necessary to get parental support to buy our house. There is no greater indication of failure in life than this. Our current home is worth $4.3M. We spent 10 years renting and saving up $1.5M, put $500K down on a $1M fixer-upper, then invested another $1M in a full-scale luxury renovation. DH and I rolled up our sleeves and did 100% of the work ourselves: electrical, porcelain tile, teak and ipe hardwoods, marble statues, detailed plaster ceilings, in-ground pool with Murano glass mosaic panels, etc…. Easily worth $4.3M now!

Still blows my mind when people accept handouts from family members and actually pay other people to do such simplistic things like pouring concrete slabs.

You sound like a jerk.

[Anonymous]

Zero help

We bought our first house in 2012 for $859k. DC row house in a questionable area. We had saved up and also took a loan from retirement funds.

We have had 4 primary resident changes in there since then. We have used equity from each sale and our most recent sale realized an insane gain from 2018-2023 (not the DC area). We just purchased what I hope is our final home for $3,500,000.

We have always stretched to buy and it has paid off. We also own a modest second house.

Early 40s

[Anonymous]

Anonymous wrote:

Anonymous wrote:Did you get parental support (trust fund or DP help)?
How much is your current home/s worth?

DH and I would be SO embarrassed if we felt it necessary to get parental support to buy our house. There is no greater indication of failure in life than this. Our current home is worth $4.3M. We spent 10 years renting and saving up $1.5M, put $500K down on a $1M fixer-upper, then invested another $1M in a full-scale luxury renovation. DH and I rolled up our sleeves and did 100% of the work ourselves: electrical, porcelain tile, teak and ipe hardwoods, marble statues, detailed plaster ceilings, in-ground pool with Murano glass mosaic panels, etc…. Easily worth $4.3M now!

Still blows my mind when people accept handouts from family members and actually pay other people to do such simplistic things like pouring concrete slabs.

Most generational wealth dies by the 3rd generation. I agree it’s better to pass on when you die.

[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.

Ew. Why did you have kids to give to your parents. Do you not see or take care of them?

[Anonymous]

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?

Why would I be proud that I took my (albeit rich) parents’ money so I could buy myself a home as a 30-something year old woman?

There’s something to be said about doing it all yourself as DH and I did.

[Anonymous]

Wealth may pay, but it may not stay — that’s a piece of conventional wisdom that appears to transcend cultures. A Chinese saying that goes “Wealth does not last beyond three generations”, for example, is essentially stating the same belief as to the American expression, “Shirtsleeves to shirtsleeves in three generations”.

And data does back up these aphorisms. A groundbreaking 20-year study conducted by wealth consultancy, The Williams Group, involved over 3,200 families and found that seven in 10 families tend to lose their fortune by the second generation, while nine in 10 lose it by the third generation.

[Anonymous]

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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.

You’re also 60+. I am in my 30’s, it’s just different, trust me. Not comparable.

I know it's different nowadays and more costly. Trust me. But I have to assume that you (or your spouse/partner if you have one) could afford your expensive house at your young age because you sold out and got some soulless high paying corporate type job that does no one on the planet any good. I didn't want my kids to do that, and I'm proud that they didn't. I'm glad they chose another route.

Well this is a weird comment. Did you accumulate your wealth taking care of orphans? What is an acceptable job that allows a person to not have to get an allowance from their parents as an adult?

We're not talking about my wealth. We're talking about how this poster got $200k before 30 to buy a $1.1 million house. She did it by selling out. Probably biglaw.

By the way, how did the poster pay for college and grad school? She obviously didn't take out loans -- no way she could pay them off AND come up with $200k by 30. So we know the parents paid. Nothing to be proud of there, eh?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yes, downpayment of $200,000 on $1m house. Sold the house 7 years later for $2m.

I hope you paid your parents back with interest.

Why do you hope that?
I didn’t - they didn’t want that. It was a gift, not a loan. They wanted us to use the money from the sale to buy our next house, which we did.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Did you get parental support (trust fund or DP help)?
How much is your current home/s worth?

DH and I would be SO embarrassed if we felt it necessary to get parental support to buy our house. There is no greater indication of failure in life than this. Our current home is worth $4.3M. We spent 10 years renting and saving up $1.5M, put $500K down on a $1M fixer-upper, then invested another $1M in a full-scale luxury renovation. DH and I rolled up our sleeves and did 100% of the work ourselves: electrical, porcelain tile, teak and ipe hardwoods, marble statues, detailed plaster ceilings, in-ground pool with Murano glass mosaic panels, etc…. Easily worth $4.3M now!

Still blows my mind when people accept handouts from family members and actually pay other people to do such simplistic things like pouring concrete slabs.

You sound like a jerk.

Yea and a troll fail.

[Anonymous]

Nope. Bought a starter home in the 1990s, on an FHA loan.

Simple 3 bedroom two bathroom.

Sold it at height of the housing boom, then bought a house on a lake in a lower cost of living area.

[Anonymous]

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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.

You’re also 60+. I am in my 30’s, it’s just different, trust me. Not comparable.

I know it's different nowadays and more costly. Trust me. But I have to assume that you (or your spouse/partner if you have one) could afford your expensive house at your young age because you sold out and got some soulless high paying corporate type job that does no one on the planet any good. I didn't want my kids to do that, and I'm proud that they didn't. I'm glad they chose another route.

Well this is a weird comment. Did you accumulate your wealth taking care of orphans? What is an acceptable job that allows a person to not have to get an allowance from their parents as an adult?

We're not talking about my wealth. We're talking about how this poster got $200k before 30 to buy a $1.1 million house. She did it by selling out. Probably biglaw.

By the way, how did the poster pay for college and grad school? She obviously didn't take out loans -- no way she could pay them off AND come up with $200k by 30. So we know the parents paid. Nothing to be proud of there, eh?

Again you’re making assumptions. You’re picking on someone your child’s age. Bizarre behavior lady. No grad school. Undergrad paid for by full athletic scholarship.