To ask or not to ask (sm)
Posted By: Home problem from below on 2009-06-14
In Reply to:
In my family, if you can help someone, you do. I'm not sure about DH's side, although his mom has helped us out in times of need.
I posted below about the housing problem. I've been giving this a lot of thought about a few options we have. One of them is to rent for a few more years and save up for a down payment. We will still be paying out at least $19,800 in rent for the next 2 years.
So this other idea popped into my head. DH has a brother who sold property for $500,000 about 5 years and since he hasn't bought any other property, I'm guessing he still has that, and then some. He has no house payment or car payment, and he splits utilities with his brother. I'm thinking he has probably built up his amount on top of the $500,000.
I just tossed the idea out to DH about asking his brother if he thought he might be able to help purchase a house and we do a lease, rent to own, from his brother, paying him off in about 8 or 9 years. In looking at what we'd be paying out in rent in addition to saving for the next few years, there's no reason we couldn't pay this off a lot sooner than financing through a bank. I was also thinking that there is the $8000 tax rebate for those buying a house this year, first time home buyers, that would go to his brother too as part of paying him back.
Do you think that's too much to ask? Would it hurt to ask? I know how I am and if I had money sitting around and someone needed help, I do it. I have done it with family members. Some pay back, some don't. That doesn't mean everyone is like this, so that is where my train of thought comes.
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