woot I have a house, but did I wuss out?

Would you borrow money from family?

  • I would never borrow money from family.

    Votes: 6 19.4%
  • I'd have no problem borrowing money from family if it was an option.

    Votes: 25 80.6%

  • Total voters
    31

Arc Lite

As big as your Imagination...
Apr 25, 2005
3,218
3
0
SW Missouri
#1
I'm 42 and finally am getting a house. It's in a real nice neighborhood and it's a pretty nice house by standards my wife and I are used to living in. We moved to the Midwest (southwest Missouri) earlier this year so real estate is pretty affordable compared to Richmond, VA metro area. Able to buy a house in a country club neighborhood. About 2,300 sq ft on 3/4 of an acre. Great landscaping and seems like a solid house.

But to afford this type of house, I'm taking advantage of an offer from the "Family Bank" which is basically my Mom and Dad. Doing this we are getting a house that's about 80K to 90K more than we would have been able to afford going through a traditional mortgage company.

On one hand, it feels great getting such a nice house in such a nice neighborhood. On the other hand, I can imagine how good it feels being able to say that my wife and I have done all this ourselves without any help.

So did I wuss out? I know a lot of you work hard for what you got and are wise with your money and take pride in that. But I'm sure some of you are like me and have not-so-good credit and a little debt and probably would have done the same thing.
 

Glenn Dandy

THE ONLY WHITE PRESIDENT LEFT.
Mar 21, 2005
19,758
35
298
Wackbag Whitehouse.
#2
hows it wussing out taking a better deal.... It's called being Smart. good luck with the new crib.
 

Smokezilla

U. S. Backstroke Roulette Champion
Jul 30, 2005
6,275
3
313
BumFuck-Egypt, KY
#3
How did you "wuss out"? There very little help in his world, my friend. . . When you get some, you don't turn it down.
 

GonzoRadio

I like yoguuuuuurt
Nov 26, 2005
823
0
0
NYC
#4
I've always been under the impression of "that's what mom and dad are for." Yes, you want to do things on your own; but its always nice to have a solid family you can to help for when you have no where else to turn.

Besides, either you're paying them back, so its no skin off their back if they don't need the money right now....or you're not paying them back...but they get to actually see you enjoying the fruits of their labor, as opposed to giving it to you after they pass, years from now when you probably won't even need the money.
 

AngryPest

Registered User
Mar 3, 2005
583
5
433
#5
I don't think you wussed out.
They didn't buy the house for you, they helped you out. That's family.
 

d0uche_n0zzle

**Negative_Creep**
Sep 15, 2004
46,806
6,920
763
F.U.B.A.R
#6
Now you'll be stuck taking care of them in their olden years. Hopefully, that won't too much of a problem, but it sure beats sticking them in some shitty old folks home.
 

HummerTuesdays

Another girrrrl!!!
Apr 24, 2005
7,347
0
261
On the road to ruin
#7
I don't think you wussed out and while I don't know you personally, from your post it sounds like you live beyond your means. Good luck, and get that credit cleaned up ASAP.

Edit: I have never gotten any help from a living relative. My deceased grandmother's estate helped me pay off my car loan early, but that's about it.
 

norton23

Opie And Anthony Always Win In The End
Dec 1, 2002
8,998
3
0
TITLE TOWN BABY!!!
#8
hell yea!!!! I don't see a problem with borrowing money from family,,,,as long as it's your family and not your spouses.
 

Slow Bollards

Bollards...sounds a bit rude, doesn't it?
Apr 28, 2005
760
0
301
SILLY-delphia!
#9
I borrow from my brother when I've needed to in the past. I draw the line at parents and in-laws though.
 

Hoagie

I suggest you tread lightly
Wackbag Staff
Mar 24, 2004
13,643
312
628
Your Mom's box
#10
I'm still trying to wrap my head around the fact that you're 42 and you used "woot".
 

TrybalRage

Registered User
Aug 5, 2004
2,035
2
533
Kennesaw, GA
#11
As long as you aren't guilting them into it, if they volunteered to help on their own then take it. That's what family is for.
 

NikkorTheMonk

Registered User
Apr 26, 2005
1,524
54
473
#12
Hopefully when I grow and by the grace of god my kids arre normal, hard working, good people, I will be in a position financially to be able to make their lifes just a little easier. Thats what parents are for.

Grats on the new crib.
 

blee

Will Drink Today
Dec 9, 2004
8,762
437
651
western ny
#13
I don't think you wussed out.
They didn't buy the house for you, they helped you out. That's family.
QFT
but I still cannot take the offering from my parents. I feel that they spent enough one raising me and now that I am out of their house I don't need to borrow from them. I did borrow $75 from them and I still get mad thinking about it.
 

flyerfan116

Fuckin savages
Apr 14, 2005
6,877
270
513
NJ
#14
I'm still trying to wrap my head around the fact that you're 42 and you used "woot".
almost as bad as GD being an almost 40 year old white man using the word crib...but i digress

I have a hard time borrowing money from anyone...if i can't afford it i don't want it...that being said if don't think those who do are "wussing out" but i would hope you are paying them back with interest since you did say you are 'borrowing' money in that case i see no issue whatsoever...enjoy the new place
 

JimsInfectedEye

That's very hurtful, sir.
May 21, 2005
3,526
2
323
Philadelphia
#15
Not a wuss out at all. Nearly everyone I know, when it comes to housing, has had some kind of family intervention involved. In my situation, I needed another measly 5k to come up with, and my brother helped me out.
 

MyKneeGrows

A Mean-Spirited Nothing™
Sep 14, 2006
2,672
1
0
Milwaukee
#16
I stand to inherit a nice chunk of change when my grandmother passes, but she won't lend it to me now to buy a house. Guess I gotta wait, patiently.

If they offer, do it.
 

Arc Lite

As big as your Imagination...
Apr 25, 2005
3,218
3
0
SW Missouri
#17
I'm still trying to wrap my head around the fact that you're 42 and you used "woot".
That can't be much worse that saying doody. :)

It's a great deal and we are paying them back just at a better interest rate and much better terms than a mortgage company. Basically just paying them monthly the yearly interest (4.5%) for 20 years. My dad worked his ass off to be very comfortable right now and can afford to pay cash for the house. I guess I'm just feeling a little guilty because it's the type of house one works up to not starts out with. Either way, we are very happy with the deal.

There was no guilt involved, the wife and I were ready to do it ourselves and get a house we could afford and they opened the family bank doors so we could get a much nicer house at a better deal so it was very cool. Dad put it sort of like, I'll live about 20 more years so this is a 20 year loans. You and the sis will get it all when I die anyway...

Now if I could find an easy way to convince the landlords that breaking our lease it a good deal...
 

CaraC

A real giirrrrllllllllllllllllll
Jun 1, 2005
867
0
226
MA
#19
Nope, definitely dont think you wussed out, like others have said it is a smart move... I know if my parents could help me they would, and I would never consider myself a wuss for it... thats what family is for
 

cozzie

head retard
Aug 7, 2005
1,482
1
176
Norristown PA
#20
your not wussing out , your parents are being smart. You're(& maybe some siblings) are going to get an inheritance when they pass. They are just giving you an advance , on what will be yours eventually. Enjoy it and tell them every day you love them. btw congrats.
 

THE FEZ MAN

as a matter of fact i dont have 5$
Aug 23, 2002
42,693
9,691
848
#21
im a big believer that there are very few truly self made men, there is a point were every one that is "self made" is given a specific "gift" that sends them down the path to greatness, don't waste yours. as i get older and far more bitter, i often sit in this chair staring at this stupid board and the idiot box reminiscing of all the "gifts" that i have been given and wasted. don't waste yours.
 

Ballbuster1

In The Danger Zone...
Wackbag Staff
Aug 26, 2002
103,514
16,825
919
Your house, behind the couch
#22
Not a bad move. If someone is willing to help you out, take it.
I've always helped my kids out as much as possible. I always
wanted them to have a better shot at life than I had and if I
can do that by paying a few bills or giving them some cash help
at times then it makes me feel good. Don't worry about it.
 

Sct Ptersns Twn

Looking 4 a New 1st Mate
Dec 4, 2005
7,620
127
536
Gloucestershire
#23
I am still wondering WHY you left Richmond. Such a clean, wonderful and safe capitol city. Not to mention there are hardly any negros there.....:icon_roll


Good bro, hope the house is big enough for the whole family to come and visit. I keep my shit small, nobody can stay over too long before they get annoyed watching sports all the time on MY BIG TV.
 

HateMyName

Functioning Psychotic
Oct 15, 2004
2,278
70
498
DC suburbs
#24
You've got a uncommon combination, parents you get along with and who can spare some money. If you've got manipulative family that will loan you money just to hold it over you at every opportunity, then you should wait on the house. If you've got those loving, caring type parents and they can help you, why should't you let them? They're making you happy, that makes them happy (that parental thing), everybody wins.