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Bridge loan from grandparents (in law) to buy a home, do it?
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Date: May 5th, 2025 12:28 PM Author: filthy vibrant immigrant Second home. Pride getting in the way. Wife’s parents are wealthy but they don’t help or talk to us. My dad is house poor and my mom dead. We are in a decent financial situation if I sell all my stocks or take a 401k loan. But don’t have the $150k down payment bc it’s all in my home equity. They want to loan us $150k and we pay them back as soon as we sell ours.
Too much pride to do this I think. Sold baseball autographs I got as a kid just to eat when I bought my first place during Covid which doubled. Mainly bc I know her parents will talk shit like they always have.
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Date: May 5th, 2025 2:14 PM Author: soul-stirring hall doctorate Yes get anything you can while you can. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48905683) |
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Date: May 5th, 2025 5:59 PM Author: Provocative know-it-all psychic state (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906396) |
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Date: May 5th, 2025 6:43 PM Author: geriatric brindle heaven brethren (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906514) |
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Date: May 5th, 2025 7:24 PM Author: carnelian motley karate (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906610) |
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Date: May 5th, 2025 9:54 PM Author: disrespectful stirring stage voyeur (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48907010) |
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Date: May 5th, 2025 2:14 PM Author: fantasy-prone stimulating box office dopamine have them buy the whole house and own it and just live there. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48905686) |
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Date: May 5th, 2025 2:16 PM Author: histrionic blathering codepig field Wait what exactly “doubled” (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48905692) |
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Date: May 5th, 2025 4:45 PM Author: filthy vibrant immigrant Bought a condo for 137k and the one next door just sold for $260k. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906167) |
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Date: May 5th, 2025 6:44 PM Author: snowy odious university jap (man who lives in florida)
i live in flyover and the average home here costs 600k...WTF |
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Date: May 5th, 2025 5:00 PM Author: filthy vibrant immigrant Update: now they’re charging interest lol. Fuck me. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906202) |
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Date: May 5th, 2025 5:01 PM Author: Comical turdskin jew This is a better arrangement than them paying the down payment and later claiming ownership in the house.
if its a short term loan you know you can pay back immediately this is OK to do imo |
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Date: May 5th, 2025 5:04 PM Author: filthy vibrant immigrant It’s more the principle of it. I would be paying it back next month when we sell our place. That’s not the issue. The issue is if I’m paying interest I might was we’ll not have it held over my head and embarrassed that I “took money and didn’t do it myself.”
People in the family will act like I took the money/not loan. Rather just do it myself. |
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Date: May 5th, 2025 5:04 PM Author: Comical turdskin jew This wouldn't be an issue in a healthy relationship. They would be happy to help and you and your wife would be grateful for it. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906219) |
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Date: May 5th, 2025 5:08 PM Author: filthy vibrant immigrant Sadly their parents are millionaires and won’t help us. The grandparents were on our side now this. Never got any help our entire marriage. I was blessed with a 180 upbringing so I’m good and want to give that to my kids. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906244) |
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Date: May 5th, 2025 5:05 PM Author: Dun Hospital Fuck boomers and their boomer mentality, take the money (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906223) |
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Date: May 5th, 2025 5:05 PM Author: Comical turdskin jew (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906224) |
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Date: May 5th, 2025 5:05 PM Author: fantasy-prone stimulating box office dopamine this is not the wron attitude imo. fuck paying interest for that shit. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906226) |
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Date: May 5th, 2025 5:07 PM Author: Comical turdskin jew how much interest could they possibly charge over a 1 month term? (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906234) |
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Date: May 5th, 2025 5:08 PM Author: fantasy-prone stimulating box office dopamine if theyre actually wealthy they could just charge 0. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906241) |
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Date: May 5th, 2025 5:08 PM Author: Comical turdskin jew Boomers would never do that. Even 10% annually is like $1k for 1 month. worth it imo (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906243) |
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Date: May 5th, 2025 5:09 PM Author: fantasy-prone stimulating box office dopamine they might as well just ask you upfront for 50 20 dollar bills. and he said grandparents. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906249) |
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Date: May 5th, 2025 5:10 PM Author: filthy vibrant immigrant I can just take out the loan from 401k and pay it back in a month for $30. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906250) |
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Date: May 5th, 2025 5:10 PM Author: Comical turdskin jew Nice (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906253) |
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Date: May 5th, 2025 5:09 PM Author: filthy vibrant immigrant Agreed this is the point. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906245) |
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Date: May 5th, 2025 5:07 PM Author: filthy vibrant immigrant This. The insult and they want a contract. I told my idiot wife not to even ask them bc it’s embarrassing. Now to have this happen I’m ready to lose it. Don’t insult me like that. I can pull money out of places I just didn’t want to have to sell stocks and figured I can give them the money back next month but fuck it. I’ll just pay the taxes this year. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906236) |
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Date: May 5th, 2025 5:17 PM Author: Massive Judgmental Circlehead Kitchen you thought you were getting an interest free loan of 150K? lol deadbeat. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906283) |
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Date: May 5th, 2025 5:22 PM Author: filthy vibrant immigrant People get that shit from their grandparents all the time lmao. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906291) |
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Date: May 5th, 2025 5:04 PM Author: Yellow candlestick maker yes (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906216) |
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Date: May 5th, 2025 5:10 PM Author: alcoholic gold deer antler casino Sold baseball autographs I got as a kid just to eat when I bought my first place during Covid which doubled tp (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906254) |
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Date: May 5th, 2025 8:25 PM Author: filthy vibrant immigrant (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906769) |
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Date: May 5th, 2025 5:38 PM Author: talented pit love of her life 1) If you can't VERY easily come up with $150k, you shouldn't be buying a 2nd home. 2) If you get a loan from family, you should definitely pay reasonably interest. Otherwise they're more likley to potentially try to hold it over your head. (Exception if it's your immediate family and no-one involved is mentally ill) |
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Date: May 5th, 2025 5:43 PM Author: filthy vibrant immigrant Grandparents aren’t immediate family?
I can come up with it, it’s just tied up in a million different things. |
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Date: May 5th, 2025 5:48 PM Author: talented pit love of her life No, and especially not when it's your wife's grandparants.
If you have any other options, I recommend not borrowing from family. Even if grandparents are chill, very high chance it will piss off some ancillary relation who will hold / use it against you and your wife forever.
I've had great experience using 401k loans. You can amortize over 30 years when using to buy a home. I was capped at $50k, but I forget why.
Have you looked at portfolio loans / lines for non-retirement accounts?
If you have crypto, you can borrow against at 50% LTV very easily. |
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Date: May 5th, 2025 5:56 PM Author: filthy vibrant immigrant Also I didn’t ask them my wife did. Tell me about the 401k loan. Dumb question. Let’s say I take out $50k (that’s the cap) and it’s in SPY/large caps. SPY the day I take it out is $560 a share. It’s like selling it at that price? Then when it’s paid back they rebuy it? Very confused how it works. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906390) |
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Date: May 5th, 2025 6:06 PM Author: talented pit love of her life Yeah, it's exactly like selling at that price and making the loan to you. When you pay back, it's treated just like any other contribution and assets are purchased accordingly.
So if the market goes up while loan it outstanding, you miss out on the upside. |
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Date: May 5th, 2025 7:03 PM Author: filthy vibrant immigrant Got it and if it tanks I made out better. I have about $750k in it. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906574) |
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Date: May 5th, 2025 5:49 PM Author: exhilarant bistre nursing home giraffe 150k tied to a million different things. anyway, take the loan. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906373) |
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Date: May 5th, 2025 5:56 PM Author: filthy vibrant immigrant Told them no. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906391) |
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Date: May 5th, 2025 5:58 PM Author: Rough-skinned Stead Degenerate how much do you have in stocks (not 401k)? it's very simple to take a box spread loan. the rate will be about .5% over the treasury rates which is way better than almost any other rate you can get. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906394) |
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Date: May 5th, 2025 5:59 PM Author: filthy vibrant immigrant 42k lol (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906403) |
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Date: May 5th, 2025 6:00 PM Author: Rough-skinned Stead Degenerate can you take loans against your height? (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906408) |
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Date: May 5th, 2025 6:01 PM Author: filthy vibrant immigrant Yeah I heard about this one company that will give you a loan and you lose one inch until fully paid back. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906414) |
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Date: May 5th, 2025 6:06 PM Author: Provocative know-it-all psychic state (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906436) |
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Date: May 5th, 2025 6:07 PM Author: talented pit love of her life Do you have any crypto?
If you only have $42k in non-retirement accounts, you're really not in the financial position to buy a second home.
Another option is a HELOC on current home. |
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Date: May 5th, 2025 7:21 PM Author: fragrant impressive generalized bond I think this retard mis-explained. It sounds like a new primary residence and he'll be selling his existing home. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906606) |
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Date: May 5th, 2025 7:22 PM Author: talented pit love of her life Can confirm OP seems retarded. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906608) |
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Date: May 5th, 2025 7:26 PM Author: filthy vibrant immigrant Correct. English second language btw. I would be buying a new home and using the equity in my first home to pay the loan from the grandparents back.
Should have said “this would be my second (in sequence) home.” I did say “bridge loan” which would imply that. |
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Date: May 5th, 2025 6:07 PM Author: House-broken Copper French Chef How old are they? All of my grandparents are dead (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906443) |
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Date: May 5th, 2025 6:09 PM Author: talented pit love of her life Big prole tell.
All 4 of my grandparents are alive -- all over 90. One nearing 100. |
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Date: May 5th, 2025 6:12 PM Author: talented pit love of her life Holy shit -- I'm retarded. Forgot that one died not that long ago. Still not used to not being a 4-grandparentmo. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906457) |
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Date: May 5th, 2025 6:33 PM Author: alcoholic gold deer antler casino Did one of your g-mas have two possible babby daddies that never sorted things out or what? (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906491) |
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Date: May 5th, 2025 6:16 PM Author: House-broken Copper French Chef Weird thing to call a prole tell.
My grandparents that were still alive were older when I was born. All but one lived into 90s. The one who died was born in 1903. |
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Date: May 5th, 2025 6:20 PM Author: talented pit love of her life Prole tell: Being defensive about prole tells (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906472) |
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Date: May 5th, 2025 6:40 PM Author: stubborn rehab Your boomer in-laws are right. You should always be passive income maxxing. If you're not, you're not going to make it. They're just upping their passive income trying to get ahead in this cruel world. And you're crying because they're trying to help you out? You sound like an ingrate. |
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Date: May 5th, 2025 6:42 PM Author: ebony church alpha *cries drying eyes with dollar bills* (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906507) |
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Date: May 5th, 2025 8:29 PM Author: Angry legal warrant I think you have to be retarded to buy a second home when you can't even come up with the downpayment, real retarded (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906780) |
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Date: May 5th, 2025 8:30 PM Author: filthy vibrant immigrant Sorry I meant buying a second home in that this would be my second home. I’m selling my first home to buy second but need a bridge loan for the second bc a lot of my money is tied in the equity of their first. Hard to make contingent offers these days bc it’s so competitive. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906787) |
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Date: May 5th, 2025 8:32 PM Author: Angry legal warrant so you're upgrading to a house you can't afford? Not much better (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906792) |
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Date: May 5th, 2025 8:33 PM Author: filthy vibrant immigrant I can. I make $300k. I have to come up with a $100k down payment and it’s in the equity of my other home. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906798) |
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Date: May 5th, 2025 10:11 PM Author: Angry legal warrant if you don't have the money for something you definitionally cannot afford it, like that is what "don't have the money for" means in plain english (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48907038) |
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Date: May 5th, 2025 8:34 PM Author: stubborn rehab he should be passive income maxxing like his in-laws. He should be renting out his current home and buying a new home. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906799) |
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Date: May 5th, 2025 8:34 PM Author: filthy vibrant immigrant Lmao wtf. Just want a $150k down payment for this fuckin house that was like $300k five years ago. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906801) |
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Date: May 5th, 2025 8:47 PM Author: stubborn rehab you're not gonna make it unless you're passive income maxxing. Your in-laws are passive income maxxing by loaning you money. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906834) |
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Date: May 5th, 2025 8:49 PM Author: filthy vibrant immigrant So keep my house and section 8 it? (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906840) |
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Date: May 5th, 2025 8:53 PM Author: stubborn rehab Trump is killing section 8. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906846) |
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Date: May 5th, 2025 8:37 PM Author: dull community account boistinker I GOT A BRIDGE I CAN SELL YA (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906808) |
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Date: May 5th, 2025 8:41 PM Author: filthy vibrant immigrant Lmao (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906822) |