Don't Loan Your Children Money For A Down Payment

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[tonyabrooks]

Anytime I give money to someone I love ITS A GIFT.

[SUN-itrf]

We have given all.of our 3 children part of their down payment for their first home. It is a GIFT and a stepping stone. Best decision we made. ❤❤❤

[nillevass]

I came from lower middle class and my husband from generational poverty. We never had a penny of help but we have broken the cycle and will be able to help our children when they become adults.

[lilykhandker]

Totally agree
My parents gave me 10% of my 1st house 30 years ago
It was a gift

[JustMe-jcft]

Everyone has different circumstances. Do what works for your family

[vandjsecret]

My daughters began working at 16 we paid for down-payment for their cars. They continue paying for it. And then bought each one a house on their own. They are my warriors

[monicamartinez]

My dad gave me money for a downpayment on my first home and paid him back within 5 months. He also lived with me for free in that house for 2 years. Every situation and every parent/child relationship is different

[ArpanaSharon]

It’s a gift. Thank you ❤ These days love grows colder and greed grows warmer.

[lrb]

If you can afford to GIVE them the money don’t loan it

[Frnchee]

Only GIVE whatever you're comfortable GIVING. Never lend.

At worst, nothing changes and you've only given what you can actually afford to give away. At best, they themselves decide to give it back. But the second you expect it back, you (and they) make stupid decisions, from giving too much money away or getting angry when they don't pay you back when you set your expectations.

Life gets a hell of a lot simpler if you do that.

[floridaobsessed]

U know if your kids are responsible. Do whatever u feel is best to help them thrive.

[JordanBass]

parents helped me with down payment for my apartment / 40% im sooo grateful ❤❤

[catherinekilgour]

I guess it depends on what your relationship is beforehand. I had been discussing finances with my dad for years before I decided the time was right to buy a property. My parents helping me with a partial loan to buy it didn't change our relationship negatively at all. It felt good to have parents who trusted my word that much. They never once said anything about how I spent my money, including overseas trips.

[PF_Goat]

Dave Ramsey might be the wisest influencer on the internet. When Dave talks, I listen.

[nanemoon]

My grandparents gifted my parents to buy a house, my parents gifted me, and I gifted my two sons to help them buy houses. I work at a bank, I see a pattern where some families keep the wealth by each generation helping the young ones with property.
I think it's a good way, better than a loan within the family

[mbaker]

I read or watched something with Dave in it explaining how he got started with real estate. It was very interesting to see the contrast between what he teaches and what positioned him for long term wealth. Doesn’t matter. He’s 100% right. 90% of people don’t know how to manage debt so it’s best not to have any besides a mortgage.

[ellen]

In 1983 my folks lent me $3, 000 when we bought our first house for $67, 000. We paid it back in a year. They didn’t have much themselves.

[EZ.T]

I never understood that garbage! They’re your kids, you should give them an all effort to help them succeed in life

[handdrawnmapsofficial]

My mother gifted us a down payment, and my wife and I are forever grateful. As a token of our immense gratitude, we make sure that she is an active part of her grandchildren’s life.

[Eroenjin]

My parents and grandparents were wealthy. They never gave me money for my first appartment but were willing to loan. They asked an outrageous 10% interest for it when bank loans had 3% interest. I turned that offer (which I think was closer to robbery) down.