Parents assisting children with first house

[llwhiteoutll]

Originally Posted by FLAMESRULE

My parents lent me $15,000 (10%) of my first condo. When I sold the place 2 years later for $165K I paid them back $16,500. Had an IOU written up and signed with them. I dont feel comfortable taking their money. It's theirs, even though money is not a problem with them. They did the same for my 2 younger sisters.

Did you find any issues with this? My parents are offering me the same deal, 10% now for 10% when I sell or turn it into a rental.

[FLAMESRULE]

Originally Posted by llwhiteoutll

Did you find any issues with this? My parents are offering me the same deal, 10% now for 10% when I sell or turn it into a rental.

None at all. It felt good to actually have a decent investment for them. Had the property value gone down and i sold, I still don't think it would have been an issue. Just offer to repay them later, or continue it on.