What would you choose

[Epistaxis]

Hm.

I have to agree with many of the pessimists...money from inlaws often has strings attached. Sometimes nearly invisible strings, but strings nonetheless.

Tread carefully.

If all is as smooth as you say, I'd go option 3.

You can't go wrong with high end swag...assuming you are there to stay or for a really long time.

Screw the fixerupper crap...another potential source of friction with the inlaws.

[TheRealDeal]

I definitely do not want to do option 2.

I want my own shitty place that I can live in and fix up on my own for me to live in

OR

A baller house on the water that I can share and live in.

[Zcustom]

Normally that's all true Epi, but his job is through family too.

He's so entangled in that family there's no way out, might as well go a little deeper. It helps that they get along

[TheRealDeal]

I got my job through family, but my performance reviews would make it terribly difficult for me to be fired if something went wrong in the family area.

[Epistaxis]

Yeah, Z is right. You are already neck deep with her clan.

Might as well bury at this point.

Get the kickass digs and lemme borrow it for a week next year, I'll child proof it for ya!

[PanthaSan]

any scenario involving someone other than me making my mortgage/rent payment is a no go for me. So what if it's not the best neighborhood?

the housing market is fantastic here for buyers, why not move to the city your favorite NFL team calls home?

Miami? :D

Actually, I vote for option #1.

Be very careful, though.

[TheRealDeal]

Miami? :D

Actually, I vote for option #1.

Be very careful, though.

Oh PanthaSan.

I'd rather live in Bakersfield than anywhere in Florida ;)

[charlotte49er]

Be careful with them "giving" you the down payment. Mortgage companies will look at that as a loan and expect you have a loan schedule or at least payback note! (You have to devulge that your down payment was a "gift/loan" at the time you formalize your loan. You don't if you are just gong for a Loan approval letter, though it may help you to get it.)

I could also effect your credit score.

And any single deposit $10,000 and Banks have to report to the IRS. They will have you fill out form 8300. And could cause an audit by the IRS AND could be viewed as earned income and could be taxable or as a gift and therefore subject to the Gift Tax! (Though parents are allowed to give a gift of (I want to say) $13,000/year, before the Gift Tax kicks in for them! $26,000 if they file jointly!

I'm sure any loan and tax people on here could instruct you more up to date.

http://www.irs.gov/pub/irs-pdf/p950.pdf

http://www.ehow.com/how_7483527_make-large-cash-deposits.html

http://blog.lendingtree.com/blog/2010/10/28/using-a-cash-gift-for-your-house-down-payment/

Rules regarding down payment gifts

Using a gift for a down payment is one of several ways that friends or family might be able to help you with buying a house. While getting approval to use a gift for a portion of your down payment isn’t overly difficult, it is still more complicated than you might expect. There are rules governing how a cash gift for a down payment works, and you will need to be prepared to follow them. Some of the rules associated with down payment gifts include:

• It can’t be a loan: The cash gift has to be a true gift. It cannot be a loan that you are expected to pay back.
  

• It usually has to come from a close relative: In order to increase the chances that your down payment gift is a true gift, many lenders require that the money come from a close relative. This can be a parent, grandparent or sibling. A truly close friend or an employer may also be approved to provide the gift.
  

• Documentation: Many lenders require that the entire transaction be documented. Givers usually have to provide the recipient with the funds in the form of a cashier’s check or a personal check that can be tracked. Receipts of each withdrawal and deposit on the part of all must be documented. FHA loans are particularly strict about down payment gift documentation.
  

• You might need to put in some of your own money: If you are getting a FHA loan, the gift can cover the entire amount of the down payment. However, if you are getting a conventional loan, the mortgage lender may require that a certain percentage of the down payment be provided by your own funds. This is to ensure that you are truly vested in the transaction, risking some of your own money.
  

In some cases, you might also be asked to provide a gift letter. A gift letter documents the amount provided for a gift, as well as certification by all involved that the money given for the down payment is a true gift, and not to be repaid. It must be specific about the amount of the gift, and signed by all parties. (Those on the gifting side of the arrangement, can give up to $13,000 a year to an individual without having to pay the gift tax.)

Before you receive a down payment gift to aid in your home purchase, find out from your mortgage broker or lender what the requirements are for a down payment gift. It’s a good idea to clarify the details early on in the process in case additional documentation is required due to tighter lending and underwriting requirements these days. Make sure that you and your donor can meet these requirements before you get too far into the process of receiving the gift.

[TheRealDeal]

Got it all covered

[bleys]

go for gold motherf**ker.. you know that's what you want to do..

[Hawk]

biscuit said it first and best...family and money is almost always a bad bad mix

[Hugor Hill]

Option 1 will allow you to have teh sects any-damn-where you please.

Option 2 - Family and money never mix well.

Option 3 - Imagine Robert DeNiro in Meet the Parents.

[TheRealDeal]

go for gold motherf**ker.. you know that's what you want to do..

That's what I really want to do. We looked at this house a block from the water yesterday that is in foreclosure for less than half than the two houses in the same area with 1000 more sq ft and a bigger lot and pool?

Not exact numbers but if we can get a place for 850, sell it in a year or two for 1.5, I walk out with 30-40% of the split. 195k and it would only cost me about what I'm paying for an apartment now.

Option 1 will allow you to have teh sects any-damn-where you please.

Option 2 - Family and money never mix well.

Option 3 - Imagine Robert DeNiro in Meet the Parents.

Option 1: I still can have the sects wherever, just not at all hours, which is fine with me. I'm trying to sleep at night.

Option 2: Yeah, I hear that. I don't plan on doing it long term so hopefully that will help.

Option 3: He's not like that. He's a cool guy and parties with me and my boys. He's the type of guy that hires midgets to serve drinks at his house parties.

[bleys]

That's what I really want to do. We looked at this house a block from the water yesterday that is in foreclosure for less than half than the two houses in the same area with 1000 more sq ft and a bigger lot and pool?

Not exact numbers but if we can get a place for 850, sell it in a year or two for 1.5, I walk out with 30-40% of the split. 195k and it would only cost me about what I'm paying for an apartment now.

Option 1: I still can have the sects wherever, just not at all hours, which is fine with me. I'm trying to sleep at night.

Option 2: Yeah, I hear that. I don't plan on doing it long term so hopefully that will help.

Option 3: He's not like that. He's a cool guy and parties with me and my boys. He's the type of guy that hires midgets to serve drinks at his house parties.

if y'all mesh that well and he's already smart with his money, well... no one ever found the good life by not trying..