Should Ryan Accept His Parents' Offer to Buy Him a House?

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 22 July 2024

⏱️ 5 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	brought to you by the every dollar app start budgeting for free today i just got a an offer for
0:08.4	my parents they'd help me buy a house i'd interned to a contract with them where basically they would be
0:16.1	the bank they would front the entirety of the purchase price and I'd pay them back, including interest.
0:24.4	They gave me a little bit better of a deal with the interest at about 6.5% instead of, it's around 7, 7.5, around where I'm at.
0:36.5	And I was just curious on if it was going to be
0:40.1	something I should do. I know we've talked about, or you've talked about not buying a home
0:47.4	with somebody you're not married to, but it's, it is family kind of thing.
0:57.0	The difference in interest, what does that amount to?
0:58.6	I'm going somewhere with this.
1:02.2	Because that's the break you're getting, right?
1:05.3	That's what they're offering you as a break on interest.
1:10.5	That, as well as, they'd be purchasing 25% of the home, and I'd pay off 75% of the home and then when I sell it,
1:16.5	they'd get their, so the purchase price is 400 grand.
1:20.3	Yeah.
1:21.9	They would be given back their 100,000 and then 25% of any profit that was made so this gets very
1:30.0	complex yes um have you already done this um it's in the process of getting done right now
1:41.3	okay can you can you and are you willing to stop it?
1:47.3	I think it's a great idea.
1:49.7	It's not a great idea.
1:50.7	It sucks beyond belief.
1:52.8	It's a horrible idea.
1:56.1	It's going to end in ashes.
	...

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