Question by huntinggirl25: If you were to ask a family member to lend you money, how would you ask?
So this particular family member has 4+ million in the bank. What we were hoping to ask was if they would help us to purchase a modular home in our area. They are selling for around $ 12,000 to 37,000 for 2-4 bedroom homes and they are not the old run down homes, they are newer modular homes. We want to ask if they will go into contract with us and loan us the money to buy the house and then make mortgage payments to them with interest over the next 5 years. (Say $ 20,000 would be around $ 330 a month for 5 years to pay off the loan, but we want to pay them 6-7% interest on it as well. But what we don’t know how to do is present it to them. This isn’t to flip a house, this is strictly to be able to own a home as opposed to renting and since our area was hit hard with housing problems and economic downfall, these places are selling for almost nothing. I would really like to be able to purchase something like this to live in. How would you present it to your family members if you were to ask them? It isn’t a question of money, they have it, but I still feel embarrassed asking.
We pay $ 1350/month in rent. So that never leaves us enough to save the money needed for a down payment on a home. But if they could help us out, we could pay they $ 1350 to them and own instead of rent, and it wouldn’t feel as if our money was going nowhere!
If there is any info you need to know, ask so I can fill it in and hopefully get the best answer I can.
They are very close, and very good, christian people. WE are a very tight nit family.
If it is a gift, do you pay taxes on it?
GCBP If I can pay a family member 6% why would I want to pay a lender 15%?
Landlord I dont know why you would assume I won’t pay them back. I am more then willing to pay them back with interest and I have more of the means to do it. I would just prefer to Pay them monthly then pay rent and get nowhere.
Landlord I dont know why you would assume I won’t pay them back. I am more then willing to pay them back with interest and I have more of the means to do it. I would just prefer to Pay them monthly then pay rent and get nowhere. I am not a leech, I have a full time job, as does my husband, and we work our asses off to pay rent and get food, even though it is none of your business. I was only asking how to present the idea to them. Just because you borrow from a bank doesn’t mean you are not a leech either.
And that is what the contract would be for. They can have it notarized if they want.
Best answer:
Answer by golferwhoworks
you may ask them to loan you the down payment but show it as a a gift and repay them once you amend your tax returns once you get a loan done and move in. That would only be for a few weeks after close
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Tags:family, Green, Homes, lend, member, Modular, money, were, would
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