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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: Rodeo Lewis 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: gibberish (?) 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: cock of michael obama (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: you\'re the puppet (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: ceci n'est pas un avocat (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906610) |
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Date: May 5th, 2025 2:14 PM Author: Covid was a Hoax 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: stock market 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: Rodeo Lewis 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: ....,,,.....,,....,.......,,,...., (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: Rodeo Lewis 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: metaphysics is fallow 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: Rodeo Lewis 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: metaphysics is fallow 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: Rodeo Lewis 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: hannity 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: metaphysics is fallow (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: Covid was a Hoax 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: metaphysics is fallow 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: Covid was a Hoax 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: metaphysics is fallow 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: Covid was a Hoax 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: Rodeo Lewis 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: metaphysics is fallow 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: Rodeo Lewis 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: Rodeo Lewis 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: Leftism is a mental disease 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: Rodeo Lewis 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: .,..,.,.;,.,,:,.,.,::,...,..,:,..;,.., 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: neo radek (🧐) 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 5:38 PM Author: THE FEAR 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: Rodeo Lewis 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: THE FEAR 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: Rodeo Lewis 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: THE FEAR 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: Rodeo Lewis 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: blind deaf mute 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: Rodeo Lewis 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: Darnell 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: Rodeo Lewis 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: Darnell 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: Rodeo Lewis 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: cock of michael obama (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: THE FEAR 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: The Velvet Bulldozer 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: THE FEAR 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: Rodeo Lewis 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: cannon 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: THE FEAR 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: THE FEAR Holy shit -- I'm retarded. Forgot that one died not that long ago. Still not used to 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: neo radek (🧐) 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: cannon 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: THE FEAR 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: .,.,.,.,.,...,.,,.,,.....,.,..,.,,...,.,.,,...,. 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: The Fraud and The Lies *cries drying eyes with dollar bills* (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2#48906507) |