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Old 07-11-2014, 12:52 AM
 
Location: Tennessee/Michigan
27,998 posts, read 46,415,349 times
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NEW YORK (MainStreet) Six months ago, Elspeth Gibb purchased a $182,000 apartment in Central Harlem with the financial help of her parents.

"My parents helped by gifting a substantial portion of the down payment," Gibbs said of her 291 square foot condominium.

How to Survive Buying a Home with Mom and Dad - MainStreet
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Old 07-11-2014, 08:13 AM
 
Location: Houston Metro
1,065 posts, read 1,197,579 times
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291 sq feet? Are you kidding me?
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Old 07-11-2014, 11:27 AM
 
Location: Phoenix, AZ > Raleigh, NC
14,339 posts, read 17,561,906 times
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Quote:
Originally Posted by haudi View Post
291 sq feet? Are you kidding me?
Nope. It's NYC. Anything less than $1000/sq foot is a bargain.

I borrowed $10,000 from my dad when I purchased my first house. That was 1991 and rates were 10% or so on a 30 year mortgage. I had income that the mortgage companies would not use to qualify me, so I ended up assuming an FHA mortgage, which was why I needed the extra ten grand.

My father made had me sign a note, included interest on the loan at the same rate as my mortgage (11%). When I paid it back ahead of schedule (I hated owing him money), he sent me a house warming gift - a check for the entire amount of interest I had paid him on the loan. ♡
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Old 07-11-2014, 12:27 PM
 
276 posts, read 226,912 times
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I have purses bigger than that apartment.
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Old 07-11-2014, 12:41 PM
 
3,997 posts, read 8,742,870 times
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Perhaps she should reassess her life. 28 and needs her parents help to finance a 290 sq ft condo.
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Old 07-11-2014, 12:43 PM
 
245 posts, read 197,919 times
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i'm annoyed by this. i would be ashamed if i needed mommy and daddy's help to buy a home.
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Old 07-11-2014, 12:46 PM
 
Location: Phoenix, AZ > Raleigh, NC
14,339 posts, read 17,561,906 times
Reputation: 22196
Quote:
Originally Posted by br1n View Post
i'm annoyed by this. i would be ashamed if i needed mommy and daddy's help to buy a home.
Don't be too judgmental.

It's 30+ years ago, and I STILL appreciate my father's willingness to lend me the money - and I'm glad it was a loan, not a gift. Truthfully, being able to help me made HIM feel good. (Especially since I had paid for nearly all of my college expenses myself.)

I suspect there are way more 'youngsters' getting financial help from parents than you realize. PLENTY OF THEM.
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Old 07-11-2014, 12:53 PM
 
245 posts, read 197,919 times
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Originally Posted by Jkgourmet View Post
I suspect there are way more 'youngsters' getting financial help from parents than you realize. PLENTY OF THEM.
i'm one of those youngsters and i look around at peers and can't help but think "if your parents paid for your college, got you your first job through their connections, paid for your car, and paid house down payment, what have you really accomplished in life?....nothing"
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Old 07-11-2014, 01:16 PM
 
3,280 posts, read 3,557,639 times
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I've ordered stuff on Amazon that comes in a box bigger than that house.
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Old 07-11-2014, 01:23 PM
 
Location: Tucson for awhile longer
8,874 posts, read 12,947,042 times
Reputation: 28962
People here acting as if it's shameful to borrow from parents to buy a home clearly have never lived in NYC. Often NYC renters have help from parents to pay their lease when they have good jobs, let alone take out a mortgage.

Many, many young people take professional positions in NYC post-college for starting salaries that cannot possibly support living in Manhattan. So people have a choice. Rent in the outer boroughs with multiple roommates, live in an unsafe neighborhood in Manhattan, or don't take the job. To help their kids get a start at their dream career, many parents who can afford it supplement their children's income. It's another way the rich corporations of America are subsidized by an exploited American public.
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