Co-investing in a first home Palo Alto Issues, posted by Carol Blitzer -- Asst. Editor, Palo Alto Weekly, a resident of the University South neighborhood, on Feb 28, 2007 at 11:33 am
For our Spring Real Estate special section, I'm looking for people who have recently purchased homes together -- parents helping a child, two friends, two people who didn't know each other before -- to get a foot in the real estate door. What are the issues? What happens when the house is sold?
Posted by Carl D., a resident of the Crescent Park neighborhood, on Mar 5, 2007 at 2:47 pm
I "loaned" each of my kids $50,000 to make down payments on condos, with a formal agreement that they'd pay me back (but with no timeframe). Three years later, my son wants to remodel his bathroom -- but he hasn't started paying me back yet. I'm on the verge of retirement and could use the cash. Co-investing -- or the "bank of Mom and Dad" -- isn't all it's cracked up to be.