My parents bought the house about 10 years back for $200,000 and want to sell it. They own multiple houses and are moving to a new house they bought. They offered me to live with them there at the new house but are charging $1000 rent Only other option for me is pretty much getting an apartment which is $1700 monthly rent. I’m a single male no gf no kids. The apartment would be 650 sq ft. My base salary is $130,000 Annual bonus is $35,000 on a good year Total net worth is $499,000 breakdown is: Vanguard Roth IRA $43,765.42 Vanguard Brokerage $261,212.62 HealthEquity HSA $13,638.86 Principal 401k $105,142.29 Robinhood $18,515.12 Amex Savings Account $32,127.60 Chase Bank $24,730.04 I’m thinking what if I sell all vanguard brokerage balance $261k take savings $32k and some checking $24k and put $300,000 as a down payment with 7% interest rate making my monthly mortgage payment $1000 making the house very affordable. The house is in North Phoenix 2100 sq ft 4 bedrooms 3 bathrooms built in the 1990s.
Why not pay to your parents directly?
I don’t follow what you’re saying
He's saying don't pay unnecessary interest on a loan and just write a contract with your parents and pay them in installments to buy the house...
Buy the house and don't forget about the taxes from the brokerage sell offs (assuming there is some profit there).
Only made $20k profit 😭
4k in taxes
It’s a decent deal both ways. 1000 rent is pretty cheap in Phoenix region and 500k sounds about right. Is it 4B2B?
4B3B
Awesome deal. Negotiate down to 450k or less.
They won’t give it to you, yet they own multiple dwellings? *sigh* What are they trying to “teach you responsibility” or something?
They’re worried about their own retirement which is understandable.
Dude, not only because your a parent you should stop thinking in yourself, I think everybody wins with this deal, OP makes his good money for being single with no kids
500k is a crazy good deal. Take it man, i understand the whole rent/buy finance thing but owning atleast one house is definitely worth it. There's something very calming about having your own place which is worth a lot more than simple calculations. After this house you can pretty much free to invest going forward in optimal return investments
500k is a good deal? Can’t you buy in Scottsdale for that price?
You got proof my guy?
Sure…go on Zillow and filter for less than $500k….
Thanks for the details
Don’t parents usually look for ways to transfer wealth down the family tree, not up?
Oh boy you’re still doing this?!
Tech Industry
Yesterday
2935
Quitting this Slave life
Tech Industry
4h
667
Women, help me understand why this is inspirational
Working Parents
Yesterday
1015
What do you think is wrong with a kid who got rejected by 9 colleges?
India
2h
1258
Public fapping epidemic
Personal Finance
2d
2675
Is spending 12K per month normal or too much
Buy the house and rent out the remaining rooms for good profit
No I don’t want to become a landlord just yet. I want to live there.