Should I go through with this real estate thing? ?
Tuesday, 27. July 2010
Here’s the thing, I’m getting ready to turn 21 in a month and I’ve only got less than 1 year or credit history. My dad wants me to "buy" our family house (which we just finished building) so that we don’t loose the house (they can’t afford it as of now). He says that he knows someone that can get me the loan (for 500 freaking K) and that they (my parents) will be paying all the bills.
I am getting married in spring 09 and my dad is going on disability in a few months. this house is sitting on an acre lot, he wants to have the house on my name for a while until it builds up some equity (that’s gonna be hard since we are in Sacramento, CA right near the epicenter of the housing collapse) and then split the land using the equity money and build another house that will also be in my name and then only God knows what he will want to do afterwords!
I don’t want to forsake my family and not go through with it but holly crap this is extremely risky and possibly illegal. If I can get the loan and my parents are not able to pay it then my wife(to be) and I are royally F#@&#D sideways in the **** but if all goes well then we wont make much off of anything since my dad is gonna want compensation along with a new car and anything we owe the bank(s).
so, what do ya say? should I go full steam ahead or graciously bow out?
Thanks for all answers!!!
God Bless =)
p h Says:
Warrior, It is hard enough to be a newly wed without bringing this questionable plan into play. Will all of you be living in the house? How will some one with your credit history get such a huge loan? I would gently tell my parents that the awesome responsibility of this offer is just more than you feel comfortable with. Chances are that if you go through with it, you could end up making or trying to make the payments.
That is my best good advice to you. Good Luck!
Berlin's m Says:
RUN!!!! What is wrong with Dad’s credit/income that he can’t leave it in his own name? If he really could pay it, what does he need your help for? Seriously, I’d stay as far away from this fiasco as possible!
bud68 Says:
Do NOT do this. You father is being irresponsible in asking it. He’s putting your future on the line.
Tim Says:
For being 20 years old it seems like you have a great handle on things.
Yes, it is illegal. I hate to say it but if your parents are to flaky to keep their house, what makes you think they will continue to pay when your name is on the paperwork. The propety taxes will probably go up meaning an even bigger expense.
Sounds very risky. I would just tell him that you don’t feel comfortable doing such a transaction. He will probably start calling you all kinds of names and blaming you for their failure. I feel sorry for you.