Borrowing money from parents to get started?
Hello BP community-
Does anyone have experience borrowing money from their parents to get their foot in the door with real estate? How did it go for you?
Let me explain my situation. I am going to be a sophomore in college this fall, and living in a very expensive market. However, I also am hoping to begin house-hacking sooner than later, and would like to do this in the next few years. At this point, waiting tables over the summer I just about break even with college tuition and expenses (I live relatively frugally) and likely would not have enough money for a 3.5% down payment. My parents, however, have offered to lend me money towards a down payment if I am able to find a place that meets my criteria for a good house-hacking investment. Has anyone else borrowed money from their parents to get started?
Most Popular Reply
@Cory Carlson don't ever feel ashamed for using the resources that are available to you. The smartest people realize what they have and take advantage of a good situation. Good luck on your future endeavors!