setsenia Posted April 17, 2012 Posted April 17, 2012 Now I don't mean a college student living with your parents. I mean several adult family members sharing a place to save money. Personally, especially with all the drama in my family, I would never do it. Even for the money. When the housing market was low, my dad said me, my H, my brother and his girlfriend could have all bought a condo together. For one thing, none of us had good paying jobs at the time. How would we come up with a downpayment? My dad's answer was an FHA loan. Yes, housing was cheap and it would have been cheaper than my rent. HOWEVER, I'd never want to get stuck in a mortgage with unreliable people like my brother and his fiance. Another thing is she has horrible credit. I cannot believe my dad would suggest such a thing, especially if none of us have reliable incomes. He suggested this basically because if we sold a few years later when the market was up, we'd get 100k. Maybe we would have, maybe not. But would it be worth all the complications? My brother does not want to live in this area permanently and has moved 3 times in the last 2 years. They both jumped around from job to job and he moved away for school. I don't see how it would have worked and definitely too risky. My dad keeps bringing this up nonstop and saying how his clients made a lot of money by doing this. Well, good for them! They also had reliable careers and steady incomes!
Philosoraptor Posted April 18, 2012 Posted April 18, 2012 I learned from experience to never put someone on a loan that you are not married to. Thankfully I was able to get my house signed over, but it was a mistake. 2
oldguy Posted April 18, 2012 Posted April 18, 2012 I learned from experience to never put someone on a loan that you are not married to. Thankfully I was able to get my house signed over, but it was a mistake. I like that:D OP; It sounds like you don't have a problem making the decision, you have a problem with your dad.
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