brought to you by the every dollar app start budgeting for free today i was calling because i'm looking

for some guidance so a little backstory um my dad sold us or me and my older brother our childhood home back in

2021 and like the stipulation was that he could still live on the property um and not have to pay

like rent or utilities and we my older brother and i live on the property and not have to pay like rent or utilities.

And we, my older brother and I rent out the house and we make about $3,400 a month in profit

off the rent.

And my dad right now, he's a single parent growing up and everything.

So he didn't save her retirement.

He lives off Social Security and he says money is tight right now. And he reached out to us and asked if we could give him $400 from their profit of their rent each month. And my older brother was like, sure, 100% and I just like did not feel good about it. I was like, I think we need to look at your finances first, like figure out why money is tight and then like draw some boundaries, so it's not like every year, like, oh, I need $500 and $600 and it add up and everything. And I recognize, like, none of this money is coming out of my own pocket. It's, like, purely just profit. And I don't know if I sound like a brat as a child by not just giving it to him. And so I'm just looking for guidance on that he sold you

the house yeah so we did a so he sold it to or we did a parent to child transfer and all he

wanted was 50,000 and then we took over the rest of the mortgage but like me and my brother are on title and loan.

Like it's legally our house.

Yeah.

And so at the time that the mortgage plus $50,000 at the time this happened was how much?

$450,000.

So you had a mortgage of $400 you gave him 50,000 cash?

Well, we did a cash out refinance and we gave him 50,000 from that.

Oh, okay.

And so the two of you have a $450,000 mortgage now.

And at the time that he sold you the house for $450,000, what was the home worth?

Oh, like 1.3.

Okay. Okay. So, and now he doesn't have any money?

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