Co-investing in a first home
Original post made by Carol Blitzer -- Asst. Editor, Palo Alto Weekly on Feb 28, 2007
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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.