This is sort of relative to a recent thread about talking nw with relatives. I have never talked nw with any relatives and my newest car is a 1996.
Several months ago I was at my parent’s house wrapping up a landscape project I had done for them. My dad (81 yrs old) informed me he had just liquidated over 1/3 of his saving to buy a house for $155K cash. The house was for my niece2 and her boyfriend (and his daughter) of 6 months that she had met via the internet. They were living together and paying $1000/month rent which he said they would pay him now. This is SW Ohio where 2 bdr rent is ~$600/month. They could not qualify for a loan at the bank. There was nothing in writing about principal/interest/equity in the property. I was shocked. Niece1 and my sister keep 5 horses at my dad’s and pay no board. This is worth about $1K/month and has been going on for 15 years.
They had done this 6 years ago with my other niece1 (married) who had filed BK. In that deal they had applied all of the rent to the principal and when the house sold gave all of the profit to niece2. I drove by their house (niece2) in my 1991 Honda every day on the way to work only to see 2 new trucks ($80K worth - leased) in their driveway. Below are the questions I raised and the answers I got. I have not been back since nor talked to them and don’t plan to.
Q1. They are not married. They have no skin in the game. Why shouldn’t they work and save like everyone else? A. We just wanted to help.
Q2. My son lives in Colorado and pays over $1000/month rent. Can he expect some help like you have done for my other 2 sibling’s kids. A. You have plenty of money. Help him yourself. I don’t plan on helping any of your kids. I pointed out that niece1’s father was a dentist and sold his vacation condo for close to 1 million, so I don’t understand the logic. A. Silence.
Several months ago I was at my parent’s house wrapping up a landscape project I had done for them. My dad (81 yrs old) informed me he had just liquidated over 1/3 of his saving to buy a house for $155K cash. The house was for my niece2 and her boyfriend (and his daughter) of 6 months that she had met via the internet. They were living together and paying $1000/month rent which he said they would pay him now. This is SW Ohio where 2 bdr rent is ~$600/month. They could not qualify for a loan at the bank. There was nothing in writing about principal/interest/equity in the property. I was shocked. Niece1 and my sister keep 5 horses at my dad’s and pay no board. This is worth about $1K/month and has been going on for 15 years.
They had done this 6 years ago with my other niece1 (married) who had filed BK. In that deal they had applied all of the rent to the principal and when the house sold gave all of the profit to niece2. I drove by their house (niece2) in my 1991 Honda every day on the way to work only to see 2 new trucks ($80K worth - leased) in their driveway. Below are the questions I raised and the answers I got. I have not been back since nor talked to them and don’t plan to.
Q1. They are not married. They have no skin in the game. Why shouldn’t they work and save like everyone else? A. We just wanted to help.
Q2. My son lives in Colorado and pays over $1000/month rent. Can he expect some help like you have done for my other 2 sibling’s kids. A. You have plenty of money. Help him yourself. I don’t plan on helping any of your kids. I pointed out that niece1’s father was a dentist and sold his vacation condo for close to 1 million, so I don’t understand the logic. A. Silence.