Parental help with the house

NEW -> Contingent Buyer Assistance Program
My in-laws gave us 70K for our wedding which helped with our down payment, the down payment was 400K (the rest came from some fake money called "equity" in my other house). I was happy that they were able to do it but I could never really expect anything from my own parents (except having to support THEM). Anyway, I'd imagine that many people had their parent's help. For those of us in our late 30's to early 40's, the equity in the previous house (which didn't require 100's of thousands down, just a little hard work and honest savings) helped a lot. A lot of that was pure luck and timing as we watched our 250K turn into a 500K sale in two years. Of course most of the loans in the past few years were pretty bogus, with little down so they didn't require a lot of parental assistance. And of course, the equity we used to buy our current house proved to be just what I thought it was, FAKE. That money has all but vanished in the last few years, but it did help us get into the house we plan to stay in for at least 20 more years.



I can say that I honestly don't know very many people who receive much financial assistance from their parents. If you think that Asian parents help more, you may be right, but they expect more. I have good friends whose mother was willing to help with just about anything until this economy sunk her financially. Now they are paying her rent in the IAC and basically supporting all of her needs. It's just the way it works, they are family. They fully understand that and are willing to help each other out. Not every culture treats families this well.
 
[quote author="tmare" date=1233657804]My in-laws gave us 70K for our wedding which helped with our down payment, the down payment was 400K (the rest came from some fake money called "equity" in my other house). I was happy that they were able to do it but I could never really expect anything from my own parents (except having to support THEM). Anyway, I'd imagine that many people had their parent's help. For those of us in our late 30's to early 40's, the equity in the previous house (which didn't require 100's of thousands down, just a little hard work and honest savings) helped a lot. A lot of that was pure luck and timing as we watched our 250K turn into a 500K sale in two years. Of course most of the loans in the past few years were pretty bogus, with little down so they didn't require a lot of parental assistance. And of course, the equity we used to buy our current house proved to be just what I thought it was, FAKE. That money has all but vanished in the last few years, but it did help us get into the house we plan to stay in for at least 20 more years.



I can say that I honestly don't know very many people who receive much financial assistance from their parents. If you think that Asian parents help more, you may be right, but they expect more. I have good friends whose mother was willing to help with just about anything until this economy sunk her financially. Now they are paying her rent in the IAC and basically supporting all of her needs. It's just the way it works, they are family. They fully understand that and are willing to help each other out. Not every culture treats families this well.</blockquote>


Well said!



Asian relatives are harsh and demanding to each other because they believe critiscism can improve motivation rather than praise. When Asians praise someone that is usually a rare occurance. Eventhough their attitude is often hard to take but when a relative needs financial assistance families gathered to help. This is the real reason why we do not see Asian homelessness on the streets. May be this is the reason why we see travertine tiles in the garage!
 
I wonder how the other "minorities" in Irvine are like.



The Indian-Americans - most acquaintances seemed to be very family oriented, with large extended family members; usually living together.



Persian/Iranian-American - Most seemed to be single hanging around the Park Place Starbucks; but the few Persians I know seem to be fairly tight within family/cultural bonds.



A sure tell-tale sign of parental help around Irvine is the stroller. Look at who is pushing the strollers in VOCs, Quail Hill, Woodbury, around the north lake (Woodbury) during the day and late afternoons; it's usually not the parents, it's usually the grand-parents.
 
Alright, so following in Daedalus? post I?ll try to do the same:



#1 ? Couple ? Second generation Chinese ? sold an Irvine condo, his parents help them buy an Alexandria (voc) house at the peak in 05 (1.3 million). He?s a consultant; she?s an Irvine school teacher.

#2 ? Couple ? First or Second generation Taiwanese; Husband is a Irvine Police officer, wife is stay at home with 3 kids, live in Northpark; bought in early 2000; parents help with down and payments. They also live down the street in Northpark.

#3 ? Couple ? Second generation Chinese/Taiwanese ? Parents help buy house in Harvard Square significant down payment late 1999. They were going broke with $1,500/month negative; her parents were able to help with monthly payments. I?m sure it?s free & clear now.

#4 ? Single Female 30 something ? Second generation Taiwanese ? Bought SFR in Quail Hill, parents put 100% down; parents also live in Irvine. She?s a pharmacist.

#5 ? Couple ? Quail Hill ? bought condo with some down payment help. Parents also helped in Orange Tree condo for investments; husband property manages and works as a programmer.

#6 ? Single male, second generation ? parents bought Orange Tree condo for him to live in during undergrad program at UCI, now that he is graduated; the parents are renting it out.

#7 ? Indian couple, first generation ? same story, parents bought Streamwood condo for college; now they work and live in the condo, free and clear. Parent is a pediatrician.

#8 ? Mid 40s couple, second/third generation ? Had parents help buying in Northwood after selling house in Torrance; also had help buying two rental 4-plexes. Two kids, wife stay at home, husband basically retired, IT guy.

#9 ? Single second generation Korean ? parents help with Watermarke condo while in Law School, now working.

#10 ? Vietnamese couple in Watermarke, first/second generation ? parents helped with purchase. Forgot what they do?

#11 ? First/second generation couple ? Stonetree plan 3, help with down payment, has a $2,000 negative right from the start, had to get help with that too. Husband is a web guy for HP, wife stay at home, one kid, another on the way.

#12 ? Couple ?also Stonetree ? second generation ? is having a tough time with payments, had parents, don?t know how much.

#13 - Second generation Korean husband with Causian wife - her mom helped with down and lives with them, two kids bought in El Camino in 06.

#14 - Another white couple - wife is Brazillian, husband white, bought small condo in El Camino with significant help from his parents.



The rest of my peers mostly rent from IAC, most one bedroom and most just had their first child. I say about 4 couples here, mixed generation and cultures. A lot of single guys & gals, about 8 to 10 that have help with IAC apartment while doing to grad school.



Again of all the people I mentioned above, they would NOT have been able to buy at the time they bought without parental help...
 
[quote author="roundcorners" date=1233666996]Alright, so following in Daedalus? post I?ll try to do the same:



#1 ? Couple ? Second generation Chinese ? sold an Irvine condo, his parents help them buy an Alexandria (voc) house at the peak in 05 (1.3 million). He?s a consultant; she?s an Irvine school teacher.

#2 ? Couple ? First or Second generation Taiwanese; Husband is a Irvine Police officer, wife is stay at home with 3 kids, live in Northpark; bought in early 2000; parents help with down and payments. They also live down the street in Northpark.

#3 ? Couple ? Second generation Chinese/Taiwanese ? Parents help buy house in Harvard Square significant down payment late 1999. They were going broke with $1,500/month negative; her parents were able to help with monthly payments. I?m sure it?s free & clear now.

#4 ? Single Female 30 something ? Second generation Taiwanese ? Bought SFR in Quail Hill, parents put 100% down; parents also live in Irvine. She?s a pharmacist.

#5 ? Couple ? Quail Hill ? bought condo with some down payment help. Parents also helped in Orange Tree condo for investments; husband property manages and works as a programmer.

#6 ? Single male, second generation ? parents bought Orange Tree condo for him to live in during undergrad program at UCI, now that he is graduated; the parents are renting it out.

#7 ? Indian couple, first generation ? same story, parents bought Streamwood condo for college; now they work and live in the condo, free and clear. Parent is a pediatrician.

#8 ? Mid 40s couple, second/third generation ? Had parents help buying in Northwood after selling house in Torrance; also had help buying two rental 4-plexes. Two kids, wife stay at home, husband basically retired, IT guy.

#9 ? Single second generation Korean ? parents help with Watermarke condo while in Law School, now working.

#10 ? Vietnamese couple in Watermarke, first/second generation ? parents helped with purchase. Forgot what they do?

#11 ? First/second generation couple ? Stonetree plan 3, help with down payment, has a $2,000 negative right from the start, had to get help with that too. Husband is a web guy for HP, wife stay at home, one kid, another on the way.

#12 ? Couple ?also Stonetree ? second generation ? is having a tough time with payments, had parents, don?t know how much.

#13 - Second generation Korean husband with Causian wife - her mom helped with down and lives with them, two kids bought in El Camino in 06.

#14 - Another white couple - wife is Brazillian, husband white, bought small condo in El Camino with significant help from his parents.



The rest of my peers mostly rent from IAC, most one bedroom and most just had their first child. I say about 4 couples here, mixed generation and cultures. A lot of single guys & gals, about 8 to 10 that have help with IAC apartment while doing to grad school.



Again of all the people I mentioned above, they would NOT have been able to buy at the time they bought without parental help...</blockquote>




Maybe you need to get out of Irvine once in a while.
 
[quote author="tkaratz" date=1233655378]Parental help could be billed more as early inheiritence. People want to see the positive effects of the money that their beneficiaries will inheirit prior their untimely deaths. Personally, i think it's sad that parents don't want to help their kids out with a home purchase, especially if they have the means to do so. Of course, the kid has take responsibility, find the home, perform some dd, and have an income to support the mortgage. Seems like in this part of the country, if you don't have an advantage or a helping hand, you're stuck in IAC.



Also, I think those helping parents (aka the baby boomer generation) could represent the economic peak of the 20th century (pensions, rapidly increasing stock index, reaped the benefits of homeownership). I don't think next future generations will do as financially well and that the source of most U.S. wealth will be through inheiritence. God help you if your parents don't have a net worth over $2m. There's always a disconnect, everytime i do the math on my retirement fund based solely on a 401k, ira and ss, and the lifestyle I would like to have.</blockquote>


Early inheritance? Hmm-m-m. I guess you can call it whatever you want, but in reality, it is a gift.

I think the positive effect my father wanted to have on me was to instill his values of hard work, independence, personal accountability and responsibility. I do not find it sad that my father did not help me out financially. He helped me out where it counted in that he provided a model of character and integrity. I think he wanted to give me values rather than to give me things. I think it would be sad for an offspring to treat a gift from a parent as if it was an "early inheritance." And may God help me no matter my parents net worth.
 
[quote author="roundcorners" date=1233666996]Alright, so following in Daedalus? post I?ll try to do the same:



#1 ? Couple ? Second generation Chinese ? sold an Irvine condo, his parents help them buy an Alexandria (voc) house at the peak in 05 (1.3 million). He?s a consultant; she?s an Irvine school teacher.

#2 ? Couple ? First or Second generation Taiwanese; Husband is a Irvine Police officer, wife is stay at home with 3 kids, live in Northpark; bought in early 2000; parents help with down and payments. They also live down the street in Northpark.

#3 ? Couple ? Second generation Chinese/Taiwanese ? Parents help buy house in Harvard Square significant down payment late 1999. They were going broke with $1,500/month negative; her parents were able to help with monthly payments. I?m sure it?s free & clear now.

#4 ? Single Female 30 something ? Second generation Taiwanese ? Bought SFR in Quail Hill, parents put 100% down; parents also live in Irvine. She?s a pharmacist.

#5 ? Couple ? Quail Hill ? bought condo with some down payment help. Parents also helped in Orange Tree condo for investments; husband property manages and works as a programmer.

#6 ? Single male, second generation ? parents bought Orange Tree condo for him to live in during undergrad program at UCI, now that he is graduated; the parents are renting it out.

#7 ? Indian couple, first generation ? same story, parents bought Streamwood condo for college; now they work and live in the condo, free and clear. Parent is a pediatrician.

#8 ? Mid 40s couple, second/third generation ? Had parents help buying in Northwood after selling house in Torrance; also had help buying two rental 4-plexes. Two kids, wife stay at home, husband basically retired, IT guy.

#9 ? Single second generation Korean ? parents help with Watermarke condo while in Law School, now working.

#10 ? Vietnamese couple in Watermarke, first/second generation ? parents helped with purchase. Forgot what they do?

#11 ? First/second generation couple ? Stonetree plan 3, help with down payment, has a $2,000 negative right from the start, had to get help with that too. Husband is a web guy for HP, wife stay at home, one kid, another on the way.

#12 ? Couple ?also Stonetree ? second generation ? is having a tough time with payments, had parents, don?t know how much.

#13 - Second generation Korean husband with Causian wife - her mom helped with down and lives with them, two kids bought in El Camino in 06.

#14 - Another white couple - wife is Brazillian, husband white, bought small condo in El Camino with significant help from his parents.



The rest of my peers mostly rent from IAC, most one bedroom and most just had their first child. I say about 4 couples here, mixed generation and cultures. A lot of single guys & gals, about 8 to 10 that have help with IAC apartment while doing to grad school.



Again of all the people I mentioned above, they would NOT have been able to buy at the time they bought without parental help...</blockquote>


Been thinking for a few minutes, and I can not think of anyone I know who has told me that their parents helped them buy a home. Maybe my friends have had help, maybe not, but I have never asked, and I can not remember anyone ever volunteering the info.
 
<blockquote>Chinese parents are strict in many ways in raising their kids. When the kids need the down payment they help out with what ever they could and that included the HELOC they took out. I talked to many sales managers in numerous Irvine projects.



The figures were significant enough that contributed to 38% Asian buyers and Chinese was the dominant segment in Irvine.



I am sorry that your parents did not have the ability to help you out. Other Asians such as Vietnamese, Japanese, and Korean are tighter with their money. Which group do you fall into?

</blockquote>


No need to feel sorry, I did not need my parents help to buy a house, nor did they need mine. And I like it that way, I don't feel captive to the situation this way. I take it you are Chinese, so you probably have little idea how strict Korean parents are either. They basically live for their kids, although this is changing rapidly within 2nd generation K-As. My understanding is that Asian families are fairly similar in their ways with certain differences. All I was saying was that I'd like to see some statistics on that data. 38% is not statistically significant because, well, 38% (I think more like 40+) of Irvine residents are Asians. So the 38% of purchases by Asians in Irvine would be statistically insignificant compared to % of population. Another words, the % of Asians purchasing vs. residents do not tell us anything about what significance there is in parental contribution.



I agree - purely anecdotal from observations - that Asian parents fund their kids' down payment MUCH more than their non-Asian counterparts. However, what I'm interested in is how significant - EMPIRICALLY - are those numbers? It's very difficult to assert that this had a significant impact on Irvine housing prices until we have some empirical data as evidence, no matter how we all - including me - observe that such occurrence is common.
 
[quote author="awgee" date=1233673108][quote author="tkaratz" date=1233655378]Parental help could be billed more as early inheiritence. People want to see the positive effects of the money that their beneficiaries will inheirit prior their untimely deaths. Personally, i think it's sad that parents don't want to help their kids out with a home purchase, especially if they have the means to do so. Of course, the kid has take responsibility, find the home, perform some dd, and have an income to support the mortgage. Seems like in this part of the country, if you don't have an advantage or a helping hand, you're stuck in IAC.



Also, I think those helping parents (aka the baby boomer generation) could represent the economic peak of the 20th century (pensions, rapidly increasing stock index, reaped the benefits of homeownership). I don't think next future generations will do as financially well and that the source of most U.S. wealth will be through inheiritence. God help you if your parents don't have a net worth over $2m. There's always a disconnect, everytime i do the math on my retirement fund based solely on a 401k, ira and ss, and the lifestyle I would like to have.</blockquote>


Early inheritance? Hmm-m-m. I guess you can call it whatever you want, but in reality, it is a gift.

I think the positive effect my father wanted to have on me was to instill his values of hard work, independence, personal accountability and responsibility. I do not find it sad that my father did not help me out financially. He helped me out where it counted in that he provided a model of character and integrity. I think he wanted to give me values rather than to give me things. I think it would be sad for an offspring to treat a gift from a parent as if it was an "early inheritance." And may God help me no matter my parents net worth.</blockquote>


In reality? Yes in a tax code reality, it's a gift, but affluent Baby Boomers often pass on a portion of their wealth before they die, why is that sad? It gives them an opportunity to see the positive impact and help their beneficiaries use it wisely, who cares what you call it, be it a gift or early inheiritance.



Well, if your father didn't have the means to help you out financially, that's pretty tragic too. A lifetime of work and no means to help out those you love. What's even sadder is that hard work, independence, personal accountability and responsibility never paid off, dad probably should have focused on some other, less cliche values. Sure, money isn't everything and should never be a number one priority, but, it remains an essential tool and key to many opportunities that values alone can't purchase. In this country and if you look at the future generations, many would be working to the day they die if it weren't for the transfer of wealth.



It's not an either/or between values and gifts can which often do come hand in hand. Parents that help their children financially could model a desire for their children to help their children out. But I understand the bitterness, sour grapes right?
 
[quote author="roundcorners" date=1233666996]Alright, so following in Daedalus? post I?ll try to do the same:



#1 ? Couple ? Second generation Chinese ? sold an Irvine condo, his parents help them buy an Alexandria (voc) house at the peak in 05 (1.3 million). He?s a consultant; she?s an Irvine school teacher.

#2 ? Couple ? First or Second generation Taiwanese; Husband is a Irvine Police officer, wife is stay at home with 3 kids, live in Northpark; bought in early 2000; parents help with down and payments. They also live down the street in Northpark.

#3 ? Couple ? Second generation Chinese/Taiwanese ? Parents help buy house in Harvard Square significant down payment late 1999. They were going broke with $1,500/month negative; her parents were able to help with monthly payments. I?m sure it?s free & clear now.

#4 ? Single Female 30 something ? Second generation Taiwanese ? Bought SFR in Quail Hill, parents put 100% down; parents also live in Irvine. She?s a pharmacist.

#5 ? Couple ? Quail Hill ? bought condo with some down payment help. Parents also helped in Orange Tree condo for investments; husband property manages and works as a programmer.

#6 ? Single male, second generation ? parents bought Orange Tree condo for him to live in during undergrad program at UCI, now that he is graduated; the parents are renting it out.

#7 ? Indian couple, first generation ? same story, parents bought Streamwood condo for college; now they work and live in the condo, free and clear. Parent is a pediatrician.

#8 ? Mid 40s couple, second/third generation ? Had parents help buying in Northwood after selling house in Torrance; also had help buying two rental 4-plexes. Two kids, wife stay at home, husband basically retired, IT guy.

#9 ? Single second generation Korean ? parents help with Watermarke condo while in Law School, now working.

#10 ? Vietnamese couple in Watermarke, first/second generation ? parents helped with purchase. Forgot what they do?

#11 ? First/second generation couple ? Stonetree plan 3, help with down payment, has a $2,000 negative right from the start, had to get help with that too. Husband is a web guy for HP, wife stay at home, one kid, another on the way.

#12 ? Couple ?also Stonetree ? second generation ? is having a tough time with payments, had parents, don?t know how much.

#13 - Second generation Korean husband with Causian wife - her mom helped with down and lives with them, two kids bought in El Camino in 06.

#14 - Another white couple - wife is Brazillian, husband white, bought small condo in El Camino with significant help from his parents.



The rest of my peers mostly rent from IAC, most one bedroom and most just had their first child. I say about 4 couples here, mixed generation and cultures. A lot of single guys & gals, about 8 to 10 that have help with IAC apartment while doing to grad school.



Again of all the people I mentioned above, they would NOT have been able to buy at the time they bought without parental help...</blockquote>


Ha ha, sucks to be your friend!
 
It has been by experience that Asian parents show their "love" by buying their children material possessions. Since they show very little emotions support and physical affection, they figure that just throwing hard cash at them will make up for it. It starts very young, where the child gets rewarded with cash for doing well in homework, grades, and musical performances. It gets bigger and bigger, from there; you get into UCI, you get an Integra, or better yet a Lexus. Find that submissive wife, you get a grand wedding. Pop out a grand-child, you get a million dollar Irvine SFR.
 
I've seen this in many non-Asian families as well. My family is from Spain and most of my cousins had help in buying their homes. Some of this "help" included being handed a half million dollar home in the DC area for free. Neither my brother nor I wanted help buying our first homes. I personally felt like I had taken enough from my parents and I'd rather make due with less and have it be something I accomplished on my own. I really think I appreciated my small but fabulous condo more as a result. So don't feel sorry for me :)
 
Cold hard cash makes the Asian culture turn: Chinese New Years? Gifts? No just <a href="http://en.wikipedia.org/wiki/Red_envelope">Red Envelopes</a>; going to a Chinese wedding? What, bridal registry? Cash will do... Baby shower, registry? Cash again!
 
The only friends my age that own a house had tremendous help from their parents.



One bought in Woodbury in 2006 and the other in Portola Springs in 2007. Knowing their parents, I was actually surprised they picked these townhomes as opposed to older SFR's with a larger lots.



Both these friends grew up in the Tustin Foothills and are caucasian. I'm not sure of one home, but I do know the other has either little or no mortgage now.
 
[quote author="gepetoh" date=1233703489]<blockquote>Chinese parents are strict in many ways in raising their kids. When the kids need the down payment they help out with what ever they could and that included the HELOC they took out. I talked to many sales managers in numerous Irvine projects.



The figures were significant enough that contributed to 38% Asian buyers and Chinese was the dominant segment in Irvine.



I am sorry that your parents did not have the ability to help you out. Other Asians such as Vietnamese, Japanese, and Korean are tighter with their money. Which group do you fall into?

</blockquote>


No need to feel sorry, I did not need my parents help to buy a house, nor did they need mine. And I like it that way, I don't feel captive to the situation this way. I take it you are Chinese, so you probably have little idea how strict Korean parents are either. They basically live for their kids, although this is changing rapidly within 2nd generation K-As. My understanding is that Asian families are fairly similar in their ways with certain differences. All I was saying was that I'd like to see some statistics on that data. 38% is not statistically significant because, well, 38% (I think more like 40+) of Irvine residents are Asians. So the 38% of purchases by Asians in Irvine would be statistically insignificant compared to % of population. Another words, the % of Asians purchasing vs. residents do not tell us anything about what significance there is in parental contribution.



I agree - purely anecdotal from observations - that Asian parents fund their kids' down payment MUCH more than their non-Asian counterparts. However, what I'm interested in is how significant - EMPIRICALLY - are those numbers? It's very difficult to assert that this had a significant impact on Irvine housing prices until we have some empirical data as evidence, no matter how we all - including me - observe that such occurrence is common.</blockquote>




How is this for empirical data: I have heard this number before, some <a href="http://www.bc.edu/research/cwp/meta-elements/ssi/wcvol3.html">$41 Trillion</a> of baby boomer wealth will be transferred - intergenerationally, a quick simple 1 minute google search...
 
[quote author="roundcorners" date=1233710800]It has been by experience that Asian parents show their "love" by buying their children material possessions. Since they show very little emotions support and physical affection, they figure that just throwing hard cash at them will make up for it. It starts very young, where the child gets rewarded with cash for doing well in homework, grades, and musical performances. It gets bigger and bigger, from there; you get into UCI, you get an Integra, or better yet a Lexus. Find that submissive wife, you get a grand wedding. Pop out a grand-child, you get a million dollar Irvine SFR.</blockquote>


I can tell your asian. Probably korean, specifically a self hating korean that claims to be americanized but only has korean friends.
 
[quote author="awgee" date=1233673404][quote author="roundcorners" date=1233666996]Alright, so following in Daedalus? post I?ll try to do the same:



#1 ? Couple ? Second generation Chinese ? sold an Irvine condo, his parents help them buy an Alexandria (voc) house at the peak in 05 (1.3 million). He?s a consultant; she?s an Irvine school teacher.

#2 ? Couple ? First or Second generation Taiwanese; Husband is a Irvine Police officer, wife is stay at home with 3 kids, live in Northpark; bought in early 2000; parents help with down and payments. They also live down the street in Northpark.

#3 ? Couple ? Second generation Chinese/Taiwanese ? Parents help buy house in Harvard Square significant down payment late 1999. They were going broke with $1,500/month negative; her parents were able to help with monthly payments. I?m sure it?s free & clear now.

#4 ? Single Female 30 something ? Second generation Taiwanese ? Bought SFR in Quail Hill, parents put 100% down; parents also live in Irvine. She?s a pharmacist.

#5 ? Couple ? Quail Hill ? bought condo with some down payment help. Parents also helped in Orange Tree condo for investments; husband property manages and works as a programmer.

#6 ? Single male, second generation ? parents bought Orange Tree condo for him to live in during undergrad program at UCI, now that he is graduated; the parents are renting it out.

#7 ? Indian couple, first generation ? same story, parents bought Streamwood condo for college; now they work and live in the condo, free and clear. Parent is a pediatrician.

#8 ? Mid 40s couple, second/third generation ? Had parents help buying in Northwood after selling house in Torrance; also had help buying two rental 4-plexes. Two kids, wife stay at home, husband basically retired, IT guy.

#9 ? Single second generation Korean ? parents help with Watermarke condo while in Law School, now working.

#10 ? Vietnamese couple in Watermarke, first/second generation ? parents helped with purchase. Forgot what they do?

#11 ? First/second generation couple ? Stonetree plan 3, help with down payment, has a $2,000 negative right from the start, had to get help with that too. Husband is a web guy for HP, wife stay at home, one kid, another on the way.

#12 ? Couple ?also Stonetree ? second generation ? is having a tough time with payments, had parents, don?t know how much.

#13 - Second generation Korean husband with Causian wife - her mom helped with down and lives with them, two kids bought in El Camino in 06.

#14 - Another white couple - wife is Brazillian, husband white, bought small condo in El Camino with significant help from his parents.



The rest of my peers mostly rent from IAC, most one bedroom and most just had their first child. I say about 4 couples here, mixed generation and cultures. A lot of single guys & gals, about 8 to 10 that have help with IAC apartment while doing to grad school.



Again of all the people I mentioned above, they would NOT have been able to buy at the time they bought without parental help...</blockquote>


Been thinking for a few minutes, and I can not think of anyone I know who has told me that their parents helped them buy a home. Maybe my friends have had help, maybe not, but I have never asked, and I can not remember anyone ever volunteering the info.</blockquote>


In your generation It was not customarily for parents to step in and help. $500 would have been adequate for a down payment.
 
[quote author="tkaratz" date=1233712161][quote author="roundcorners" date=1233710800]It has been by experience that Asian parents show their "love" by buying their children material possessions. Since they show very little emotions support and physical affection, they figure that just throwing hard cash at them will make up for it. It starts very young, where the child gets rewarded with cash for doing well in homework, grades, and musical performances. It gets bigger and bigger, from there; you get into UCI, you get an Integra, or better yet a Lexus. Find that submissive wife, you get a grand wedding. Pop out a grand-child, you get a million dollar Irvine SFR.</blockquote>


I can tell your asian. Probably korean, specifically a self hating korean that claims to be americanized but only has korean friends.</blockquote>


I am Asian, but not Korean, no, I was that guy that went to community college, because I could not afford UC, I grew up in a jacked-up home and it was a miracle that I made it to college; got an MBA. I was that kid driving a 89 prelude while friends drove new Lexus & Acuras; and I'm that guy renting while the peers bought; am I bitter? No way...
 
[quote author="tkaratz" date=1233712161][quote author="roundcorners" date=1233710800]It has been by experience that Asian parents show their "love" by buying their children material possessions. Since they show very little emotions support and physical affection, they figure that just throwing hard cash at them will make up for it. It starts very young, where the child gets rewarded with cash for doing well in homework, grades, and musical performances. It gets bigger and bigger, from there; you get into UCI, you get an Integra, or better yet a Lexus. Find that submissive wife, you get a grand wedding. Pop out a grand-child, you get a million dollar Irvine SFR.</blockquote>


I can tell your asian. Probably korean, specifically a self hating korean that claims to be americanized but only has korean friends.</blockquote>


Roundcorner is not Korean. Gepetoh is Korean American. Trust me.
 
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