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Would you buy a house from your parents, at a loss for them?

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preslove said:
Do you have any siblings. The only issues I would have is in the eventual inheritance issues that will hopefully be >15 years away. That shit can get messy and divisive.
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You know, I think that's part of my dad's "evil" plan - I'm not talking to my sister as is (I don't want to get into that unrelated drama here, I just don't ever see us reuniting) , and her husband's a high priced (and very good, mind you) lawyer. They spent quite a bit of time on their will trying to protect me (I'm the type to say "I don't want an inheritance, it's your money - spend it while your alive" while my sister... Is the exact opposite)... I think they might think that selling me the property now will reduce the chance of a legal battle years from now.
 
freedomsbeat212 said:
You know, I think that's part of my dad's "evil" plan - I'm not talking to my sister as is (I don't want to get into that unrelated drama here, I just don't ever see us reuniting) , and her husband's a high priced (and very good, mind you) lawyer. They spent quite a bit of time on their will trying to protect me (I'm the type to say "I don't want an inheritance, it's your money - spend it while your alive" while my sister... Is the exact opposite)... I think they might think that selling me the property now will reduce the chance of a legal battle years from now.
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Shit, if there is going to be drama about the inheritance anyway, then go along with your dad's plan 100%.
 
preslove said:
Shit, if there is going to be drama about the inheritance anyway, then go along with your dad's plan 100%.
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Thanks - you helped me realize my dad's even smarter than I realized. That makes complete sense, he's cleverly trying to protect me while also securing some extra scratch for himself during the down turn.
 
freedomsbeat212 said:
... I think they might think that selling me the property now will reduce the chance of a legal battle years from now.
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If your sister really is evil, she will make a claim based that your convinced your aging and "feeble minded" father to sell you the property at a greatly reduced price and took advantage of the situation.
 
D1gger said:
If your sister really is evil, she will make a claim based that your convinced your aging and "feeble minded" father to sell you the property at a greatly reduced price and took advantage of the situation.
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Yeah.

Don't tell your sister that you're getting a deal. Maybe hint around with your dad to see if he will tell her the specific $.
 
freedomsbeat212 said:
Thanks - you helped me realize my dad's even smarter than I realized. That makes complete sense, he's cleverly trying to protect me while also securing some extra scratch for himself during the down turn.
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bad news, there's a dozen prostitutes buried in the backyard with your dna planted all over them.
 
Your Dad's giving you something likely to be able to see you enjoy it while he's still here. He may be wanting to see you take the project and run with it and possibly see you complete the second lot while he's still around. I have seen a lot of people pretty much give away everything to their children/grandchildren in their waning years for this very reason, they get to see them enjoy it before they go.
 
Parents give to their children because they Want To is OK.

When parents are forced to give because the Have To is Not OK.

Discuss this with your Dad.

I give to my son all the time because I want to. He is a good boy and has never been in trouble etc. We have discussed this many times as he feels bad for accepting things that we give him.
 
rockyct said:
Well, I'd be pretty cautious considering buying a $200 mattress caused such drama in your life.
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hahaha, that was more the principal of being expected to buy one for a guest. Though it ended up costing closer to $800 for the bed/frame/topper/ etc.

I'm unemployed now, I won't be soon enough and gotta think long term. Renovate my basement, rent it out, save $30k in three years, re-finance and buy another home that's recently been renovated and in tip top shape and then and an extension = profit. This won't happen over night, but I gotta plan for it.
 
freedomsbeat212 said:
That's what my wife said "your dad is only making you the offer because he knows that you'll make it right eventually." My fear, a macabre one, is that they might not be around long enough for me to make right by them.
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Then its better to get it now than left to you when they die.
 
You seem to have a pretty cavalier attitude about taking on lots of extra debt without having a steady income from work. Do you have plenty of cash on hand for any kind of emergencies that could arise in all the rental units you want to have?

My father has over 25 rentals, and when there is one tiny hiccup, things tend to snowball quickly. First one person moves out, next thing you know you have five vacancies and scrambling around trying to get them all ready and paying out the tail for all the crap that got torn up. Five more people are calling with broken heaters, and you have three single moms in the office with sob stories about baby daddy is gone, and they don't have any money.

I love the 6th of every month. :awe:
 
Another thing to think about: Maybe he wants you to complete what he was unable to finish regarding that property, and that would make him happy?
 
Having experienced something pretty similar, I would say to go for it. Your dad and his buddies seem smart enough to figure out how to minimize unnecessary taxes, whether it's through partnerships, mortgages, or whatever.

He sounds relatively successful and not really worried about money anymore these days. Once that happens, there are other things that become more important, like giving your kids a chance to succeed.

Now, if he had just given you, I don't know, a very large trust fund, then you wouldn't have to work anymore and that would be "bad" in the trying to get your kids to mature sense. Instead, he's trying to set you up with an opportunity where if you take advantage of it, you can be comfortable from the extra income and from learning a new trade.

The discount really isn't that much. If you just flip it, you might make 100-200k or whatever. Many parents pay for their kids' schooling, which might end up to be more money than this ~100k.

It's a bit of money but probably not enough to retire on yet. I think he wants you to learn more about how to work the lot and the general process so that you can do it again and again to make a living if you choose that path. If you try it out and decide real estate isn't for you, then really there's not much harm done and at least you will have experienced something new.
 
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