Would you buy your kid a house if….

[laKavosiey-st lion]

he said he’d move back east?
Got the whole crew here today and son 1 hinted he’d move back east if we bought him a house. He moved to LA after running around Europe for a few months right after State graduation, been there since. He just graduated from USC masters, has a serious girlfriend (also from back east (state) and they’re both telling me for the first time they’d be open to coming back to Philly. Moms and I are always open to new investments and we’d love to have both sons an hour away.
So would you do it?
no boat if we do it

 

[nittanyfan333]

No. If grown-a$$ed kid wants to move back home he can buy his own house

#adulting

Edit: I feel like you are talking about two different things. You said son would move back If you bought him a house, then you said you are always looking to add to your portfolio. to me, those are two different things. Are you buying the house and letting him rent, or are you purchasing the house for him?

 

[91Joe95]

Make it part of your estate planning. Talk to a lawyer.

 

[Psu00]

Nope. Tell him he’s always welcome back east but he’s old enough to handle his own housing/ finances.

 

[Woodpecker]

If he had grandkids, I'd do it in a heartbeat (well, if I had your kind of money).

 

[laKavosiey-st lion]

If he had grandkids, I'd do it in a heartbeat (well, if I had your kind of money).

That’s the rub. He’s real close.

 

[PhillyBillyReprise]

NO!

 

[psuro]

I have no idea, but I just read Nick Cannon fathered five children in 2022. By five different women. Two of the kids were born nine days apart, and two of the kids were born 33 days apart. He has a total of 12 kids now. And one, unfortunately, passed away at age 5 months.

 

[laKavosiey-st lion]

Yeah that’s bad behavior lol. Dare I say cultural even
read on this youngster

 

[republion]

Since he’s the one saying “he’d move home if you bought him a house”, I’d almost consider that extortion.

 

[Midnighter]

he said he’d move back east?
Got the whole crew here today and son 1 hinted he’d move back east if we bought him a house. He moved to LA after running around Europe for a few months right after State graduation, been there since. He just graduated from USC masters, has a serious girlfriend (also from back east (state) and they’re both telling me for the first time they’d be open to coming back to Philly. Moms and I are always open to new investments and we’d love to have both sons an hour away.
So would you do it?
no boat if we do it

I don’t get it - is that the only way he’d move back ‘home’? If he can afford to live in California - he certainly can afford Philly. And it’s not nothing to you - you’d have to give up your boat. Just stay put - once he has kids and see the value in having grandparents close by, and believe me, I see it every day with my SIL (she has had free day care and taxi service and babysitting for 11 years with four kids from my in-laws while wife and I have spent more than $250,000 on pre-school alone for two kids until K), he will move back in a heartbeat.

 

[Bkmtnittany1]

he said he’d move back east?
Got the whole crew here today and son 1 hinted he’d move back east if we bought him a house. He moved to LA after running around Europe for a few months right after State graduation, been there since. He just graduated from USC masters, has a serious girlfriend (also from back east (state) and they’re both telling me for the first time they’d be open to coming back to Philly. Moms and I are always open to new investments and we’d love to have both sons an hour away.
So would you do it?
no boat if we do it

It would all depend on what the girlfriend looked like! If she is weather thread worthy....buy the house!

 

[TheBigUglies]

Hmmmm, I have often thought about helping my kids buy a house. I am not loaded but could potentially help. I hate that they rent but housing prices are so friggin' inflated right now. However, real estate is usually a solid investment as long as you don't live near a toxic waste dump(but look at the new houses and condos near the white mountains in Ambler, PA- white mountains are the waste from the asbestos factory that used to be there). Housing value usually doubles every 12-20 years(or something like that). If my kid wanted me to buy them house then I would structure so they were paying me part of the mortgage or whatever, family and business can blow up on you. Buy the house rather then the boat. Boats are money pits and there is always something going wrong with them especially if you have them docked in salt water. If your son is not married, then keep the gf out of any legal documents and her name off everything, she could be out of the picture any day then you got some real problems there.

 

[psuro]

Getting back to the main point of the thread....

No. Do not buy him a house. And do not let him live in yours. He can buy his own house. And then, you can walk all over his lawn, just to piss him off.

 

[ODShowtime]

Smart kid.

 

[blion72]

he said he’d move back east?
Got the whole crew here today and son 1 hinted he’d move back east if we bought him a house. He moved to LA after running around Europe for a few months right after State graduation, been there since. He just graduated from USC masters, has a serious girlfriend (also from back east (state) and they’re both telling me for the first time they’d be open to coming back to Philly. Moms and I are always open to new investments and we’d love to have both sons an hour away.
So would you do it?
no boat if we do it

we did this for two kids, but we purchased the properties and them set up a mortgage for both of them in CA. Their payments were setup under and accelerated formula based part on their income. Both have sold and exited, and are on their own now elsewhere. The combined gain on the two properties was about $1M, which we split under an agreed formula. I am not sure I would do that now in that real estate market - much more downside risk.

We had a similar plan for all of our kids with college. We purchased a new car fore each one, and they were targeted to need no funding from us for their college. We made the payments on the cars, and they took care of their college costs (scholarships, working, co-ops and loans). none got need based financial aid, but all had scholarships and combined with coop jobs that paid pretty well. the used a loan source that had been created from an investment fund we setup at their birth. we never needed to screw with the FAFSA, as we knew there was going to be no funding for need. all of them obtained employable degrees and most importantly jobs. They earned most of their car values, so we sold them the cars at market value - and they all took good care of the cars and had low mileage. This helped get them going. Only two of them owed a small amount of money (under $10k) to the investment fund. The investment fund also started all of them with a life insurance plan.

This worked well for all of them. They got the bridge they needed to get started and kept us out of the college debt business.

 

[laKavosiey-st lion]

Smart kid.

He’s a rocket scientist so yeah

 

[laKavosiey-st lion]

we did this for two kids, but we purchased the properties and them set up a mortgage for both of them in CA. Their payments were setup under and accelerated formula based part on their income. Both have sold and exited, and are on their own now elsewhere. The combined gain on the two properties was about $1M, which we split under an agreed formula. I am not sure I would do that now in that real estate market - much more downside risk.

We had a similar plan for all of our kids with college. We purchased a new car fore each one, and they were targeted to need no funding from us for their college. We made the payments on the cars, and they took care of their college costs (scholarships, working, co-ops and loans). none got need based financial aid, but all had scholarships and combined with coop jobs that paid pretty well. the used a loan source that had been created from an investment fund we setup at their birth. we never needed to screw with the FAFSA, as we knew there was going to be no funding for need. all of them obtained employable degrees and most importantly jobs. They earned most of their car values, so we sold them the cars at market value - and they all took good care of the cars and had low mileage. This helped get them going. Only two of them owed a small amount of money (under $10k) to the investment fund. The investment fund also started all of them with a life insurance plan.

This worked well for all of them. They got the bridge they needed to get started and kept us out of the college debt business.

I think Philly home prices are gonna be nice in 18 months

 

[Moogy]

It would all depend on what the girlfriend looked like! If she is weather thread worthy....buy the house!

So, if she has nipples, you'd buy her a house? I have nipples, Greg ... would you buy me a house?

 

[psuro]

I think Philly home prices are gonna be nice in 18 months

Friend's kid and his wife just bought a house in Media, Pa. Price had dropped quite a bit over the last year.

 

[VaDave4PSU]

You can buy your kid a house or you can buy us a future 1st round draft pick DT...

...the choice is yours.

 

[laKavosiey-st lion]

Hmmmm, I have often thought about helping my kids buy a house. I am not loaded but could potentially help. I hate that they rent but housing prices are so friggin' inflated right now. However, real estate is usually a solid investment as long as you don't live near a toxic waste dump(but look at the new houses and condos near the white mountains in Ambler, PA- white mountains are the waste from the asbestos factory that used to be there). Housing value usually doubles every 12-20 years(or something like that). If my kid wanted me to buy them house then I would structure so they were paying me part of the mortgage or whatever, family and business can blow up on you. Buy the house rather then the boat. Boats are money pits and there is always something going wrong with them especially if you have them docked in salt water. If your son is not married, then keep the gf out of any legal documents and her name off everything, she could be out of the picture any day then you got some real problems there.

Yeah LA son1 is 1700, 2 is 2700 in Rittenhouse Square Rent is so stupid.

 

[Bkmtnittany1]

he said he’d move back east?
Got the whole crew here today and son 1 hinted he’d move back east if we bought him a house. He moved to LA after running around Europe for a few months right after State graduation, been there since. He just graduated from USC masters, has a serious girlfriend (also from back east (state) and they’re both telling me for the first time they’d be open to coming back to Philly. Moms and I are always open to new investments and we’d love to have both sons an hour away.
So would you do it?
no boat if we do it

So, if she has nipples, you'd buy her a house? I have nipples, Greg ... would you buy me a house?

Do you have a boat? And, I am going out on a limb here, I would bet a beer that even though you have nips, you are not weather thread worthy!

 

[laKavosiey-st lion]

Friend's kid and his wife just bought a house in Media, Pa. Price had dropped quite a bit over the last year.

Boys don’t dig the suburbs lol

 

[laKavosiey-st lion]

Do you have a boat? And, I am going out on a limb here, I would bet a beer that even though you have nips, you are not weather thread worthy!

I have a lovely vessel I’m perfectly pleased with BUT, my boss wants to sleep on the boat FFS its slipped 20 minutes from our house

 

[PSUalum2007]

Yes

 

[NittanyBuff]

he said he’d move back east?
Got the whole crew here today and son 1 hinted he’d move back east if we bought him a house. He moved to LA after running around Europe for a few months right after State graduation, been there since. He just graduated from USC masters, has a serious girlfriend (also from back east (state) and they’re both telling me for the first time they’d be open to coming back to Philly. Moms and I are always open to new investments and we’d love to have both sons an hour away.
So would you do it?
no boat if we do it

I'll take a house if you are buying maybe somewhere in the Keys..

 

[Moogy]

Do you have a boat? And, I am going out on a limb here, I would bet a beer that even though you have nips, you are not weather thread worthy!

Why would I need a boat? Motherlover is the one having to sell his boat to afford the house ... so the more appropriate question is ... do YOU have a boat and are you needing to sell it to buy me my house? I may or may not be thread worthy right now, but, like most of those in that thread, I could just spend a few grand, get some fake ta-tas, slap on a wig and some makeup, and I'd at least qualify for a lakefront cabin, if not a "true" house.

 

[psuro]

Boys don’t dig the suburbs lol

Than pee on their stoop. You have to mark the territory.

 

[lionJC]

Disown them

 

[Moogy]

Yeah LA son1 is 1700, 2 is 2700 in Rittenhouse Square Rent is so stupid.

Not that familiar with LA, but isn't living IN the city in LA considered very ... uh, not recommended ... especially as to compared to a more traditional city situation like Philly?

Regardless, according to one source, the average 1-BR rental in LA is $2,444 (up 11% this year) ... and in Philly, it's $1,450 (up 1% this year).

Of course, there's also relative income to consider ... rocket science in Philly may not be as lucrative as rocket science in LA.

 

[NittPicker]

I'd think it would be nice if the child said to the parent, "I'm moving back east because I'd like to be closer to my family". OTOH, "I'll move back east if my parents buy me a house", doesn't sound quite as endearing.

 

[s1uggo72]

he said he’d move back east?
Got the whole crew here today and son 1 hinted he’d move back east if we bought him a house. He moved to LA after running around Europe for a few months right after State graduation, been there since. He just graduated from USC masters, has a serious girlfriend (also from back east (state) and they’re both telling me for the first time they’d be open to coming back to Philly. Moms and I are always open to new investments and we’d love to have both sons an hour away.
So would you do it?
no boat if we do it

I cant tell if that's year boat or not. Meridians are nice boats. However, a friend had one, it was factory recalled as all the stringers in all of the years boat were rotten. They covered it under warranty, and they replaced the engines, but still it gives you pause. so if thats yours or you are looking to buy, get a good survery

 

[laKavosiey-st lion]

Not that familiar with LA, but isn't living IN the city in LA considered very ... uh, not recommended ... especially as to compared to a more traditional city situation like Philly?

Regardless, according to one source, the average 1-BR rental in LA is $2,444 (up 11% this year) ... and in Philly, it's $1,450 (up 1% this year).

Of course, there's also relative income to consider ... rocket science in Philly may not be as lucrative as rocket science in LA.

Son 1 is in echo park a block off sunset. He loves the grit, filth music and bike lanes.

 

[laKavosiey-st lion]

I cant tell if that's year boat or not. Meridians are nice boats. However, a friend had one, it was factory recalled as all the stringers in all of the years boat were rotten. They covered it under warranty, and they replaced the engines, but still it gives you pause. so if thats yours or you are looking to buy, get a good survery

Yeah it’s one of several we’re considering (2002-2009? 40’) and of course we’d survey and truthfully once we got super serious on a specific boat, I was calling you
i want this but doubt I could drive it lol

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[HectorSpectre]

If I ever win the PowerBall (fat chance), I will buy each of my kids a home, wherever they want to live.

If they ever were to try to work me for a home in order for them to be willing to move nearby, I'd tell them to get a facking life.

 

[laKavosiey-st lion]

If I ever win the PowerBall (fat chance), I will buy each of my kids a home, wherever they want to live.

If they ever were to try to work me for a home in order for them to be willing to move nearby, I'd tell them to get a facking life.

Are you a usc man?

 

[s1uggo72]

Yeah it’s one of several we’re considering (2002-2009? 40’) and of course we’d survey and truthfully once we got super serious on a specific boat, I was calling you
i want this but doubt I could drive it lol

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www.yachtworld.com

now thats a boat!!! Teak and Holly floors, oh my!! twin diesels for 100K. I'd worry about whats wrong, but it could be nothing. it shows in the pictures very nice. Driving it wont be a problem, its not hard, take your time. If you are worried hire Captain Chis (on face book or youtube) he'll teach you. I'd take the Hatteras over the Meridian for what its worth.
I'd tell the kid,you got an education, now you are on your own, bring some beer and I'll give you a ride on my yacht!!!

 

[HectorSpectre]

Are you a usc man?

Yes, sir. A fan since 1959, not an alum. Although my youngest daughter is currently enrolled in USC‘s Gould School of Law.

 

[laKavosiey-st lion]

Watch this. Does anyone on here really think I can drive a Hatt 54 lol