Hi I'm 23 years old and my parents are pressuring me to buy a $227,000 home as an investment (flip it and then rent it out the rooms). I've already signed the paperwork and the house closes in a week. Is it too late for me to pull out?
They did the same thing with my brother and made $200,000 off that house but didn't give my brother any money because they said they did the all work so they should get the profits - they hired the construction workers and handymen and bought the tools and dealt with tenants. (he made the 200k and then gave them the money so they can purchase more houses) - yes they're making millions of dollars flipping houses.
I fear the same is going to happen with me. I just graduated college and got a job paying $60,000 a year and my parents are going to spend my first few paychecks and bonuses on the down payment of the house. Or even worse, the economy is going to crash and I'll be stuck with all this debt.
I don't have my own car or anything. Side note, my parents paid my tuition in college.
Submitted September 02, 2017 at 07:17PM by throwaway_buyinghome http://ift.tt/2eQ3Dqv
