Reply to Buying Property for Young Adult Children

Forum Index » Adult Children

Reply to "Buying Property for Young Adult Children"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]Our in-laws lent us down payment for our first house and had us sign papers it was loan. Our bad in that there were no specific terms discussed other than don’t repay until
You can refi after appreciation. When we refinanced two years later and asked amount to repay they decided it was only fair to calculate ‘what they would have gotten if that money had been invested’ - calculated using an above market return. Again - our bad we didn’t get details. Foolishly assumed they’d match market mortgage rate or honestly give us a deal. (They are very well off.)! Yes - helped us get foot in door on nicer house than we could have afforded but left really bad feelings in my mind. DH not phased but I would not use my kids as easy marks to make $$$. In the end we would have done better getting lesser house at good mortgage and cashed in equity and moved.[/quote]

Right after the wedding, my mother and father in-law, bought DH and I a brand new 2M+ SFH and they paid off the mortgage in cash.  We only have to pay the property tax on the house.  They are such wonderful people.  They also gave us 500k for DH and I to start our new life together.  Not that it makes any difference but I am white and DH is asian.  They always treat me as if I am their own daughter.[/quote]

I’m also white with an Asian DH and the amount of cash support from his parents is mind blowing to me. I do well for myself now making $300k+ but I come from a lower class family that has never had much money to speak of and certainly doesn’t think the best use of it is to set your kids up with a head start in life - the culture is it’s morally correct to make your kids earn their own way. That attitude is maladaptive in the current economic structure and i will not be propagating it to my kids.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics