Parental help with the house

NEW -> Contingent Buyer Assistance Program
[quote author="24inIrvine" date=1233898445]Roundcorners, another thing I saw happening when I was going to school was parents moved their families into rental homes (one a 3 bed/2 bath in greentree and the other a 4/3 in Northwood). These were both friends I grew up with and their parents wanted to get them into a IUSD for high school. They were in a private Christian school til 8th grade.



Just cause you think prices are too high to buy doesn't mean they are not affordable to rent. But its best to not go by comparing yourself with others because no matter what there will always be someone in a better (and worst situation). Say you get that 3/2 home in Woodbury. Next you will be complaining how that person with the 5/4 around the corner had even more help and you will be never satisfied with your current situation.</blockquote>


Hey you are disclosing a little bit too much about my Irvine rental.



12 League, Unit 1268 Irvine CA 92602

<img src="http://farm3.static.flickr.com/2376/2355592808_594e72916d.jpg" alt="" />
 
OOPs, I forgot to disclose to the Irvine school principal that there are a bunch of these vehicles parked at the garages of my $48/year rental unit.



<img src="http://www.blog.thesietch.org/wp-content/uploads/2008/08/usps.gif" alt="" />
 
Can someone talk to my parents about the tradition for Asian to help the kids out with downpayment on a house please.



I think my parents are too banana...as I read this post, I have to run and check in the mirror to see if I am still Asian...because none of it happen in our household with the help of downpayment. No even college fund.



BUT I hope to help my kids with their down payment later in life if I have the money. Or at least pay for their college education.
 
[quote author="tulip" date=1233921619]Can someone talk to my parents about the tradition for Asian to help the kids out with downpayment on a house please.



I think my parents are too banana...as I read this post, I have to run and check in the mirror to see if I am still Asian...because none of it happen in our household with the help of downpayment. No even college fund.



BUT I hope to help my kids with their down payment later in life if I have the money. Or at least pay for their college education.</blockquote>


Give your parents a bunch of empty envelopes about 200,000 of them. They will get the picture.



<img src="http://z.hubpages.com/u/270410_f260.jpg" alt="" />

Warning: Caucasians do not attempt this on your Asian in-laws.
 
[quote author="roundcorners" date=1233895851]Alright, I already said I needed help...



I don't have any sense of entitlement, I don't expect anything from anyone, I have accepted what life has throw at me and am turning lemons into lemonade the best I know how. Yeah, I can come off bitter and resentful but what I was trying to demonstrate was that high affluence cities like Irvine, upper middle-class gen-X/Y'ers have tremendous boomer parental support. It is essentially "unfair" competition if you will. The people who don't get support are at a severe disadvantage. The realities of that Woodbury/VOC/PS/QH SFR is, and simply will be out of reach for the average Irvine wage earner. Unless we hit it big time in business or get lucky some how, I will make Irvine a privilege dream and not a realistic goal.</blockquote>


Well, take comfort in that those kids who were able to buy homes in 2004 - 2008 with parental help have lost any chance of buying the prestiguous move up home within 3-5 years. They'll probably need to wait 15 if you figure their loss of equity, flat appreciation of home value and the large mortgage,hoa and tax payments forcing them to live paycheck to paycheck
 
[quote author="tkaratz" date=1233959215][quote author="roundcorners" date=1233895851]Alright, I already said I needed help...



I don't have any sense of entitlement, I don't expect anything from anyone, I have accepted what life has throw at me and am turning lemons into lemonade the best I know how. Yeah, I can come off bitter and resentful but what I was trying to demonstrate was that high affluence cities like Irvine, upper middle-class gen-X/Y'ers have tremendous boomer parental support. It is essentially "unfair" competition if you will. The people who don't get support are at a severe disadvantage. The realities of that Woodbury/VOC/PS/QH SFR is, and simply will be out of reach for the average Irvine wage earner. Unless we hit it big time in business or get lucky some how, I will make Irvine a privilege dream and not a realistic goal.</blockquote>


Well, take comfort in that those kids who were able to buy homes in 2004 - 2008 with parental help have lost any chance of buying the prestiguous move up home within 3-5 years. They'll probably need to wait 15 if you figure their loss of equity, flat appreciation of home value and the large mortgage,hoa and tax payments forcing them to live paycheck to paycheck</blockquote>


They COULD pay it off... but i really doubt it.



-bix
 
I just heard today that a cousin of mine is moving his entire family from the east coast back to his parents house in Tustin. He apparently lost his job as an investment banker (no surprise); gotta wonder, where's all that cash he made from the good years? I remember a <a href="http://www.irvinehousingblog.com/index.php/forums/viewthread/3101/">similar</a> thread. Again gotta love the parents...
 
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