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Reply to "Giving kids a down payment "
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[quote=Anonymous]My parents bought my older brother a car when he graduated from college. When I graduated 3 years later, they offered me the same, I said I'd like to have the cash to pay for down payment on an apt instead. I got a roommate whose rent helped pay for the apt. I then sold that for a profit, used that new bigger pile of money to buy a more expensive apt in CA where I was relocating to for work. I repeated that several times, eventually trading up to a 7 figure home because during all these years, I didn't have to pay rent. It all started because my parents gave me the downpayment and cosign for me to buy a $90k apt when I was 22. [/quote]
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