I’ve had 19-year-old clients receive financial help from their parents and I’ve seen 46-year-old clients receive financial help from their parents. Go ask a bank for the same reduction, and see what they say.” When interest rates dropped as low as 4.99% (for a 5-year fixed), my friend asked his father to reduce his payments, only to have his father say, “You clearly don’t understand how mortgages work. One of my friends was loaned money from his father, who charged my friend 5.79% interest, compounded semi-annually, every single month. I’ve seen parents loan their kids the same amount. Throughout my career, one of the very few constants has been buyers receiving financial help from their parents.Īs early as I can remember, this has been the case, and I’ve seen everything arrangement you can think of. The more interesting stories might go back a ways… I’d love to hear from the readers on this too. And to introduce a topic like this one – the intersection of parents and real estate, what better than to start with my own story? Go for it.īut my life is an open book on TRB, always has been. My trolls might give me shit now – for having parents who paid for things, or for needing money for a down payment when condos were only $350,000, and that’s fine. I’m going to spoil them at every opportunity. Now I’m going to pay it back to them for the rest of their lives.
Since then, my parents have nurtured me, provided for me, housed me, clothed me, taught me, given me a university eductation, and helped me become an adult.
The cap dislodged and wedged in there, and my parents had to rush me to the doctor at Avenue & Lawrence to remove the pen cap – all this, just an hour before my uncle Matty’s wedding. I was rolling on the carpet in the hallway of our house at 128 Parkhurst Boulevard, and I stuck a pen up my nose. My oldest memory takes place in September of 1982, which would have made me 25-months-old. Not dinners, not trips, not hobbies, not repairs on the house nothing. Sixteen-years later, both of my parents are aware that it’s now my job to take care of them. Not by much, but enough to ask my mother. But I wanted to put down 25-30% on my first condo, and I was short. I blew through about $60,000 to get started in real estate, which was a lot at the time, and of course, I had years earlier lost my $25,000 life savings in the stock market during the tech bust. Money I made working in the meat department at Bruno’s Fine Foods and the fish department at Dominion, pumping gas at Sunoco, waiting tables at East Side Marios, bartending at Shark City, from my infamous 2001 internship at Celestica, and from those entrepreneurial years that I spent selling concert and sporting event tickets on eBay and speculating on this new thing called the “X-Box” for which there was a massive shortage before Christmas, 2001.Īnd as I wrote on this blog a long, long time ago, I also had a little financial help from my mother when I bought my first condo. When I bought my first condo, I put everything I had into it.
But for the necessities – food, clothing, shelter, most rely on their parents until they’re technically “adults,” and some continue to do so for far, far longer. You begin your life in an utterly helpless state, rely on your parents for anything and everything for a decade, and only then are you really able to fend for yourself in some areas of life. The phases of the child-parent relationship seem to lose a level of dependence as the child gets older. They’ve both mellowed, as people do in their 60’s and 70’s, and the kids worship them. It’s like watching an older version of my parents play with me, forty years ago. Watching my mother or my father play with my two children is a real trip. Many of you can relate, and from a variety of ages, I’m sure. I’ve rounded that corner – the one where you cease to become the one who needs to be provided for, and instead, becomes the provider. As a 40-year-old man, I can personally attest to just how interesting the child-parent relationship is.
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