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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: supple indian lodge love of her life 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: Bat-shit-crazy den mad cow disease Yes get anything you can while you can. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48905683) |
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Date: May 5th, 2025 5:59 PM Author: razzle sanctuary becky (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906396) |
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Date: May 5th, 2025 6:43 PM Author: haunting keepsake machete (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906514) |
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Date: May 5th, 2025 7:24 PM Author: Electric Vermilion Multi-billionaire Kitty (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906610) |
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Date: May 5th, 2025 9:54 PM Author: Drunken Twinkling Site (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48907010) |
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Date: May 5th, 2025 2:14 PM Author: greedy 180 genital piercing have them buy the whole house and own it and just live there. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48905686) |
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Date: May 5th, 2025 2:16 PM Author: Passionate yapping goal in life shrine Wait what exactly “doubled” (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48905692) |
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Date: May 5th, 2025 4:45 PM Author: supple indian lodge love of her life 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=2E#48906167) |
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Date: May 5th, 2025 6:44 PM Author: Nudist boyish public bath roommate (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: supple indian lodge love of her life Update: now they’re charging interest lol. Fuck me. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906202) |
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Date: May 5th, 2025 5:01 PM Author: cocky titillating business firm 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: supple indian lodge love of her life 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: cocky titillating business firm 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=2E#48906219) |
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Date: May 5th, 2025 5:08 PM Author: supple indian lodge love of her life 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=2E#48906244) |
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Date: May 5th, 2025 5:05 PM Author: aphrodisiac rebellious pervert kitchen Fuck boomers and their boomer mentality, take the money (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906223) |
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Date: May 5th, 2025 5:05 PM Author: cocky titillating business firm (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906224) |
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Date: May 5th, 2025 5:05 PM Author: greedy 180 genital piercing this is not the wron attitude imo. fuck paying interest for that shit. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906226) |
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Date: May 5th, 2025 5:07 PM Author: cocky titillating business firm how much interest could they possibly charge over a 1 month term? (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906234) |
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Date: May 5th, 2025 5:08 PM Author: greedy 180 genital piercing if theyre actually wealthy they could just charge 0. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906241) |
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Date: May 5th, 2025 5:08 PM Author: cocky titillating business firm 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=2E#48906243) |
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Date: May 5th, 2025 5:09 PM Author: greedy 180 genital piercing 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=2E#48906249) |
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Date: May 5th, 2025 5:10 PM Author: supple indian lodge love of her life 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=2E#48906250) |
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Date: May 5th, 2025 5:10 PM Author: cocky titillating business firm Nice (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906253) |
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Date: May 5th, 2025 5:09 PM Author: supple indian lodge love of her life Agreed this is the point. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906245) |
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Date: May 5th, 2025 5:07 PM Author: supple indian lodge love of her life 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=2E#48906236) |
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Date: May 5th, 2025 5:17 PM Author: razzle-dazzle chocolate theater cumskin you thought you were getting an interest free loan of 150K? lol deadbeat. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906283) |
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Date: May 5th, 2025 5:22 PM Author: supple indian lodge love of her life People get that shit from their grandparents all the time lmao. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906291) |
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Date: May 5th, 2025 5:04 PM Author: lascivious beta fortuitous meteor piazza yes (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906216) |
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Date: May 5th, 2025 5:10 PM Author: concupiscible legend 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=2E#48906254) |
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Date: May 5th, 2025 8:25 PM Author: supple indian lodge love of her life (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906769) |
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Date: May 5th, 2025 5:38 PM Author: coral lay 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: supple indian lodge love of her life 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: coral lay 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: supple indian lodge love of her life 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=2E#48906390) |
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Date: May 5th, 2025 6:06 PM Author: coral lay 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: supple indian lodge love of her life 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=2E#48906574) |
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Date: May 5th, 2025 5:49 PM Author: slimy adventurous corn cake nursing home 150k tied to a million different things. anyway, take the loan. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906373) |
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Date: May 5th, 2025 5:56 PM Author: supple indian lodge love of her life Told them no. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906391) |
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Date: May 5th, 2025 5:58 PM Author: cerebral boiling water 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=2E#48906394) |
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Date: May 5th, 2025 5:59 PM Author: supple indian lodge love of her life 42k lol (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906403) |
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Date: May 5th, 2025 6:00 PM Author: cerebral boiling water can you take loans against your height? (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906408) |
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Date: May 5th, 2025 6:01 PM Author: supple indian lodge love of her life 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=2E#48906414) |
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Date: May 5th, 2025 6:06 PM Author: razzle sanctuary becky (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906436) |
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Date: May 5th, 2025 6:07 PM Author: coral lay 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: histrionic theatre 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=2E#48906606) |
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Date: May 5th, 2025 7:22 PM Author: coral lay Can confirm OP seems retarded. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906608) |
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Date: May 5th, 2025 7:26 PM Author: supple indian lodge love of her life 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: marvelous twisted french chef How old are they? All of my grandparents are dead (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906443) |
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Date: May 5th, 2025 6:09 PM Author: coral lay 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: coral lay 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=2E#48906457) |
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Date: May 5th, 2025 6:33 PM Author: concupiscible legend 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=2E#48906491) |
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Date: May 5th, 2025 6:16 PM Author: marvelous twisted 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: coral lay Prole tell: Being defensive about prole tells (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906472) |
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Date: May 5th, 2025 6:40 PM Author: Bateful filthy university 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: Trip Swollen Selfie *cries drying eyes with dollar bills* (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906507) |
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Date: May 5th, 2025 8:29 PM Author: Poppy aromatic wagecucks property 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=2E#48906780) |
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Date: May 5th, 2025 8:30 PM Author: supple indian lodge love of her life 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=2E#48906787) |
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Date: May 5th, 2025 8:32 PM Author: Poppy aromatic wagecucks property 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=2E#48906792) |
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Date: May 5th, 2025 8:33 PM Author: supple indian lodge love of her life 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=2E#48906798) |
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Date: May 5th, 2025 10:11 PM Author: Poppy aromatic wagecucks property 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=2E#48907038) |
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Date: May 5th, 2025 8:34 PM Author: Bateful filthy university 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=2E#48906799) |
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Date: May 5th, 2025 8:34 PM Author: supple indian lodge love of her life 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=2E#48906801) |
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Date: May 5th, 2025 8:47 PM Author: Bateful filthy university 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=2E#48906834) |
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Date: May 5th, 2025 8:49 PM Author: supple indian lodge love of her life So keep my house and section 8 it? (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906840) |
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Date: May 5th, 2025 8:53 PM Author: Bateful filthy university Trump is killing section 8. (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906846) |
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Date: May 5th, 2025 8:37 PM Author: Slippery awkward parlor I GOT A BRIDGE I CAN SELL YA (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906808) |
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Date: May 5th, 2025 8:41 PM Author: supple indian lodge love of her life Lmao (http://www.autoadmit.com/thread.php?thread_id=5720662&forum_id=2E#48906822) |