Quote:
Originally Posted by GregWeld
Even though we know it's "fundamentally wrong" to help our kids too much -- we've been looking at real estate for them. Not sure what kind of "deal" we're going to come up with - and they have to lower their "standards" - 'cause a 4 million dollar house on the lake isn't what Mom and I have in mind... but now is the time to get them into a house/condo/townhome with these super low mortgage rates. We were on Zillow yesterday looking at a $350K town home - and if we put down 50% - their payment would be 5 or 600 a month less than their rent!
Obviously it's the down payment that would be the clincher... for anyone -- but this is a cross in the road that may not happen again in our lifetimes -- depressed house prices AND super cheap fixed rates.
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I think you are doing the right thing...for sure with 350K vs 4 million, but to the point that you and all of us , are in a time where once you have a home, and then investments, additional property , at these prices and rates, are just a "two for", that cannot be passed up.
You can do the best you can raising them, and them giving them an advantage most will never have... If they do it right...Much happiness and security will come there way...If they do it wrong, and choose the wrong lifestyle, and dip into the equity...You did the best you could..
i put enough down to make my payment really affordable, and put the rest to work.
I used creative ways to get up this mountain..
