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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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53979811 No.53979811 [Reply] [Original]

My parents have seen 700k+ in added equity on their home over the past few years and are considering cashing out a portion of that equity (50k or so) to contribute to a down payment on a house for myself (I am also contributing roughly 50k).

Financially speaking, is this a good idea? I fully trust them and they want to see me get into a home at the same age they did (26, so next year). They're acutely aware of how unaffordable homes are now, they see it as a way to preserve the generational wealth they've created. What do you all think and what should I know going into this?

>> No.53979832

>>53979811
First of all be grateful you have some amazing parents and tell them you love them.

Second, just do what they're advising since they seem to know what they're doing.

>> No.53979841

How do you check how much equity your home has to cash out?

>> No.53979866

>>53979811
That’s a fuck load of money for a down payment anon. Unless you’re buying a million dollar home your monthly mortgage should be fairly cheap. Refinance in a few years assuming interest rates will go down

>> No.53979910

Thank you mommy and daddy :)

>> No.53979944

>>53979832
Absolutely. I do, they've been instrumental in keeping me financially disciplined and literate.
>>53979841
Had the home inspected/assessed
>>53979866
The target is a multifamily building (2/3-flat) in an excellent neighborhood in the city I live in (target price 650-850k). So I'd be taking on 2 tenants and living in the building. First in the smallest, worst unit, and as my income/family grows I can move into the nicer ones.

Also important as property tax here is out of control so I'd be able to pass any increases directly onto the tenants.

>> No.53979978

arent you embarrassed or do you have no shame?

>> No.53979992

>>53979978
Why would I have shame?

>> No.53980048

>>53979978
you were kicked out of your home on your 18th birthday, weren't you?
your parents don't love you

>> No.53980412

>>53979811
My mom has been telling me for years she was going to do exactly this for me. Even the number was the same.

Last fall when I put an offer on a house she was all like, "ohh Anon the markets have been bad can't do it""

Fucking bitch

Go for it Anon. If you're going to stay in the same place for a long time it's worth it to buy now.

>> No.53980477

>>53980412
your mom didn't want to buy the top

>> No.53981763

>>53980477
Yeah that's why we're waiting. Rents are still quite affordable in my area and inventory is VERY low. So now isn't a good time to buy.

>> No.53981784

>>53979811
My mother is a stupid cunt whose husbands have always provided her with a house payment and was nasty to my sister and me during the entirety of my upbringing

>> No.53982318
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53982318

>>53979811
I’m not so well versed on properties but I don’t see them going down anytime soon. Hug your parents.

That my reminds me that my mom bought a house for me all by herself from cash she accumulated.

>> No.53982400

>>53979944
Sounds like a solid plan anon

>> No.53983819

>>53982400
Thank you fren

>>53982318
That's very nice of her

>> No.53984381

>>53982318
>That my reminds me that my mom bought a house for me all by herself from cash she accumulated.

kys