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Message
re: Parents Buying Kids Homes
Posted on 5/25/26 at 11:11 pm to Mo Debumly
Posted on 5/25/26 at 11:11 pm to Mo Debumly
quote:
Our parents made us buy our own cars when we were teenagers. Much less buy us a house.
Exactly. I worked my arse off for my 1st car, my 1st house and, my 3rd house and my 1st timberland.
If you "help" by coddling children and paying the downpayment... you deprive them of the experience of getting it done on their own. It may make YOU feel good as a parent, but it psychologically affects them for life.
This post was edited on 5/25/26 at 11:14 pm
3
Posted on 5/25/26 at 11:51 pm to dat yat
Wow, down voting the independent spirit of buying your own cars and houses...America is doomed if the next generation thinks this way.
Thank gawd my own children did it without financial assistance (they did it in their 20s). Those who need mommy and daddy to help are weak little pussies. I pray for your souls and pray for the future of our country.
Thank gawd my own children did it without financial assistance (they did it in their 20s). Those who need mommy and daddy to help are weak little pussies. I pray for your souls and pray for the future of our country.
Posted on 5/25/26 at 11:57 pm to dat yat
Whoever down voted "frick you", YOU are what is wrong with our country. Downvote away dependant little pussies.
Posted on 5/26/26 at 12:11 am to TorchtheFlyingTiger
I have 3 houses.
That one is owner financed and money comes from accounts bearing her name. There's other things in play.
That one is owner financed and money comes from accounts bearing her name. There's other things in play.
This post was edited on 5/26/26 at 12:15 am
Posted on 5/26/26 at 12:18 am to Raging Tiger
If I can buy my daughter a house, I’m buying my daughter a house and before she gets married. Her house, period.
Posted on 5/26/26 at 1:12 am to Raging Tiger
quote:
-26% used family or friends gifts to help purchase a house
Well excuse me for having to hide cash.
I handed my buddy 64k in cash, he wrote me a check. Mortgage lender stopped asking questions after a certain point in the build process.
At one point I had three different Amex Platinum Business cards rotating expenses so they wouldn't affect my credit or bank accounts. All hit the minimum purchase amounts as well for points bonuses. Paid for all mirrors, trash cans, Tvs, speakers, and smart devices rather than out of pocket.
Posted on 5/26/26 at 1:24 am to Raging Tiger
Agree. I don't mind helping my kids but there are limits. If they were 5 or 10k short for a down payment to keep from paying PMI I have no problem, but over that then the kid cannot afford the purchase. They need to live within their means.
Posted on 5/26/26 at 3:23 am to AUJACK
I helped my kid buy a house. Nothing fancy but it’s hers and she pays less for a mortgage than she did for her apartment.
I bought my first house for 55k, making 6.25 an hour. That’s just not possible today.
I bought my first house for 55k, making 6.25 an hour. That’s just not possible today.
Posted on 5/26/26 at 4:50 am to Ramblin Wreck
quote:
I’m not a boomer but would like to understand what exactly the baby boomers did that was so terrible. Like many of them, I worked and paid for my own first car, paid for my own college, worked three years and bought my first home on my own that cost twice my annual salary and was built before I was born, got married, had kids, saved until it was painful, and just retired with a huge 401K account. I guess I’m some sort of dreg of society for that like the baby boomers are considered?
It's a fair question. We seem to get blamed simply for keeping our head down, working, and providing for our families.
Posted on 5/26/26 at 4:55 am to Raging Tiger
There’s nothing wrong with helping your kids if you can afford it.
Posted on 5/26/26 at 4:57 am to Raging Tiger
quote:
Jennifer’s dad, Mark Gross, had a spending limit of $700,000, and one condition: She had to stay within 2 miles of him. The house they closed on last month was $625,000, and an 8-minute bike ride away. The mortgage is in her father’s name, and Jennifer pays him $2,200 a month to cover a portion of the payments. He bought her sister, Jessica Locati, a house nearby a few months earlier, fulfilling their mother’s dying wish that the family live close to each other.”
The one negative I can see is this would come with strings attached and if you have controlling parents that may be bad. If everyone is comfortable with it than good for them. The father and mother worked, earned, and saved for it. He fufilled a dying wish, helped his daughters create wealth, and they live close to each other. Instead of being mad at it that is great for them and you should strive to want to put your family in the same position if you can.
quote:
As a male in his 30’s who has had friends whose parents have helped I cannot look at them in the same light anymore. Easy button activated.
Dude life isn't fair. I saved the downpayment and bought my house on my own ,but if my parents were in a position to help, I along with most would probably accept it. You should be proud that you were able to work and save and purchase a home ,but I will never understand this mentality of looking down on others ,because they had a different path than you.
This post was edited on 5/26/26 at 5:02 am
Posted on 5/26/26 at 5:42 am to LSUFanHouston
That’s a view I have about driving the cost up.
Posted on 5/26/26 at 5:44 am to kywildcatfanone
quote:
It's a fair question. We seem to get blamed simply for keeping our head down, working, and providing for our families.
Don't forget pretending to be a marytr.
Posted on 5/26/26 at 5:45 am to Veritas
My point I was trying to get across how many younger people actually get help from their parents. It’s shocking to me as I thought it would be less.
Posted on 5/26/26 at 5:47 am to Bigpoppat
quote:
The Baby Boomer generation ruined home ownership. I don't see how kids today will be able to afford a home when they grow up
They will work and save and start out in dumps like EVERY OTHER GENERATION BEFORE THEM.
Posted on 5/26/26 at 6:03 am to Raging Tiger
Me and my wife got zero help from our parents (all advice was bad advice). I lived well below my means (I was trailer ready for about a decade) to be able to afford a house. I hope I am in a financial position to help my daughter own a home earlier than I did.
I have no problem with generational living eaither for her to save a down payment. I have no problem with building a one bedroom on our property for her to live in and pay me rent which she will get back as a down payment (then I get a man cave !).
There is no problem helping your kids out as long as they have skin in the game and are working to better them selves. Sit around an lad play game not work or got to school and she will be kicked out fast.
I have no problem with generational living eaither for her to save a down payment. I have no problem with building a one bedroom on our property for her to live in and pay me rent which she will get back as a down payment (then I get a man cave !).
There is no problem helping your kids out as long as they have skin in the game and are working to better them selves. Sit around an lad play game not work or got to school and she will be kicked out fast.
Posted on 5/26/26 at 6:22 am to Raging Tiger
An old lady in our neighborhood did this for her single mom daughter. It's the house next door to her. An old couple had lived there and the yard/house were immaculate. The daughter has only been in the house for a month and it's looking like a sh*thole already. My wife went to high school with the daughter and said she's posting "I'm a boss bitch homeowner at 27" type stuff on Facebook.
There's nothing wrong with helping your kids out. Hell, there is something wrong if you want your kids to have it harder than you did. If I were in a position to help and thought my kids were responsible and deserved it I'd help them, too.
There's nothing wrong with helping your kids out. Hell, there is something wrong if you want your kids to have it harder than you did. If I were in a position to help and thought my kids were responsible and deserved it I'd help them, too.
This post was edited on 5/26/26 at 6:26 am
Posted on 5/26/26 at 6:24 am to RedSoloSpitCup
quote:
They will work and save and start out in dumps like EVERY OTHER GENERATION BEFORE THEM.
except they'll be paying a much higher % of their income for those dumps
Posted on 5/26/26 at 6:32 am to Scruffy
quote:
Hell, my dad fully supported my position in the social security thread of completely giving up all claims to any of the money he paid in for nearly 60 years so that his children wouldn’t get saddled with the debt SS brings.
The entire cohort of boomers on here would fight to the death to keep their meager SS benefits at the expense of their children and grandchildren.
We got lucky that our parents are the exception and not the rule.
Scruffy enjoys broadbrushing an entire generation over shite outside most individual's control.
MIZZ wonders what Scruffy thinks is going to happen when SSI and the US government maxes out on debt?
Does Scruffy think there will open generational warfare or mass elder euthanasia?
MIZZ thinks everyone will be told they have to tighten their belts and take less.
MIZZ agrees with Scruffy's father on SSI means testing, but MIZZ doesn't believe politicians will ever have the will to completely jerk the safety net, en masse, out from under old people. They haven't shown the spine to curtail any other welfare program before they collapse under their own largesse, so why would SSI be any different?
Painting boomers with the same brush makes Scruffy feel better, so he keeps spewing generational nonsense.
Posted on 5/26/26 at 6:51 am to Raging Tiger
One thing I learned is you need money/help when you are young and starting out much more than when you are older (unless you made horrible decisions)
Another thing I learned is that families with generational wealth or families that are close knit do stuff like this for their kids.
I know many people who had this benefit and regardless of having it easier, they are still a success today. That is part of the reason why you see the cycle of familial generations going up the ladder while others stay stagnant. Not saying you can't make it, but the odds are against you.
I used to work in a middle class/lower middle class industry. The top dogs in these middle class jobs often discussed plans on how they were going to plan retirement so they died with no money left to their name. They often bragged/boasted how their kid would get nothing and will live the same hard life he had.
Not saying there is anything wrong with showing your kids the challenges of life and letting them experience it, but having/providing a safety net is an amazing security measure. I wish I had it when I was living paycheck to paycheck and tolerating an abusive boss because I really needed that paycheck. He was like that because everyone under him was in my situation. If I knew I had security I would have handled it much differently just like the rest of the guys.
I had to take student loans out to pay for graduate school. I'm paying back the loans over a decade (the interest rate was nearly free money so there was no rush to pay it). I paid a little more than half of it off, then my dad called me one day to say he is paying off the rest of it. I told him he did not have to do that, and he responded that he had the money on day one, but wanted me to earn the degree first and then experience owing a big bill and being responsible for it. It was a major help for my situation.
I don't see a problem with it unless they have addiction/mental/behavioral disorders.
Another thing I learned is that families with generational wealth or families that are close knit do stuff like this for their kids.
I know many people who had this benefit and regardless of having it easier, they are still a success today. That is part of the reason why you see the cycle of familial generations going up the ladder while others stay stagnant. Not saying you can't make it, but the odds are against you.
I used to work in a middle class/lower middle class industry. The top dogs in these middle class jobs often discussed plans on how they were going to plan retirement so they died with no money left to their name. They often bragged/boasted how their kid would get nothing and will live the same hard life he had.
Not saying there is anything wrong with showing your kids the challenges of life and letting them experience it, but having/providing a safety net is an amazing security measure. I wish I had it when I was living paycheck to paycheck and tolerating an abusive boss because I really needed that paycheck. He was like that because everyone under him was in my situation. If I knew I had security I would have handled it much differently just like the rest of the guys.
I had to take student loans out to pay for graduate school. I'm paying back the loans over a decade (the interest rate was nearly free money so there was no rush to pay it). I paid a little more than half of it off, then my dad called me one day to say he is paying off the rest of it. I told him he did not have to do that, and he responded that he had the money on day one, but wanted me to earn the degree first and then experience owing a big bill and being responsible for it. It was a major help for my situation.
I don't see a problem with it unless they have addiction/mental/behavioral disorders.
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