financial fun

[The Notorious LOL]

this has nothing to do with me, but whatever...its been bothering the shit out me.


I have a cousin who is four years younger than me, just finished a diploma, going for an AAS. He is dating this girl he has been with for three years and is working on buying a house. The job he is currently in is the first full time job hes ever had, and he started maybe a month ago. He makes less than I do, and I know I have a longer more established credit history but beyond all that I know damn well there is no way I could afford a mortgage. I also do not have the amassed amount of student loans he will.

Top that off with the fact that he is buying it with his girlfriend...not his wife or fiancee. His girlfriend...loan signed together. His thought/explanation is that "if something happens and we split up we just sell it and split the equity 50/50" which is a really stupid outlook...as if its that simple.

I dunno, I think its bothering me so much because hes practically a little brother. I think its great that he is working a full time job and graduated college but to buckle down with that much responsibility RIGHT AFTER graduating, not really knowing his financial situation...seems really stupid. I still havent come out ahead since losing $2k in a shitty car investment, so I cant imagine the same situation 10 or 100 fold.

I have a sneaking suspicion its 90% his girlfriend, 10% him making this decision. I really feel like I should say something but I do not want to step on toes.

[ET]

Sounds like he's whipped. Here's hoping she doesn't use this to her advantage if things don't go her way. Otherwise why would he say "if something happens". If he was 100% sure about his relationship he probably wouldn't have said that. That's not the point though, it was a pretty foolish decision considering what you said.

I'd say let him learn the hard way but it sounds like it'd be a mistake he'd live with for a loooooong time.

[skra75]

Yeah, after going through 10 months of mud-slinging mayhem with my ex I have to say that is some retarded shit right there.

Let him know he should proabably apply for the loan by himself, and just agree offline to get $$ from the gf for payments. he should play the "I'm going to handle all the finances" gig. It's a ton of work to handle all finances but speaking from experience it's better than trying to figure out who-gets-what if something goes haywire. Maybe suggest this route to him, play the tough-guy card and let him know he should not be a pussy and grow a set and handle all the bills like a man because that's what guys do. Whether or not that's the complete truth or not, it's worth it bc he sounds like a pretty important person to you.

This way, if shit goes bananas (which there is a 98% chance it will) his cheese is not left in the wind.

Shit, my ex's name is still on my mortgage even though the deed is now in my name.

[abcdefz]

That is one naive guy.

[HEIRESS]

somebody here marry me so I can afford a mortgage!

I probably can on my own right now, but Id rather own a house with land than a lame apartment.

[beastieangel01]

heiress marry me so we can get a house and I can have health coverage (y)

[skra75]

Can I be the the Maid of Honor?

haha can I be the wedding photgrapher? :eek:

[abcdefz]

somebody here marry me so I can afford a mortgage!

I probably can on my own right now, but Id rather own a house with land than a lame apartment.



Marry ME so I can live legally in Canada. (y)

[bigblu89]

somebody here marry me so I can afford a mortgage!

I'll give you my mortgage for free.

[Rock On]

O, beware, my lord, of jealousy;
It is the green-eyed monster which doth mock the meat it feeds on;
that cuckold lives in bliss
Who, certain of his fate, loves not his wronger;
But, O, what damned minutes tells he o'er who dotes, yet doubts, suspects, yet strongly loves!

[hpdrifter]

Its unfair to have him buy the house and her rent from him, then she has no legal right to any of the equity when they sell. She might as well just rent an apartment.

There's a lot more that goes into buying a house than just your debt to income ratio.

[ms.peachy]

Here are some things your cousin is allowed to do, because he is of a certain age:

amass mountains of debt on frivolous purchases
vote for one idiot or another
sign up to kill and/or be killed by other human beings halfway around the world
drink liquor until he pukes, pisses himself and/or passes out, in no particular order
gamble away every molecule of property he owns
pierce his genitals
buy a house with his girlfriend

I wouldn't personally say that any of those things are especially wise choices. But, as an adult, he is entitled to choose any or all of them, and as an adult, he enters into them freely. I do not think it is fair to say "it is 90% her and 10% him". If he does this, it is 100% his choice, and if it all blows up in his face - which it might, but allow for the possibility that it might not - he is a grown man and he will have to take it like one. If he doesn't want to do this, then he needs to fucking grow a pair and say so.

You, on the other hand, should say nothing.

[hpdrifter]

"I wouldn't personally say that any of those things are especially wise choices. But, as an adult, he is entitled to choose any or all of them, and as an adult, he enters into them freely. I do not think it is fair to say "it is 90% her and 10% him". If he does this, it is 100% his choice, and if it all blows up in his face - which it might, but allow for the possibility that it might not - he is a grown man and he will have to take it like one. If he doesn't want to do this, then he needs to fucking grow a pair and say so."

Word

[BangkokB]

If I was a loan officer then I'd bum rush road blocks both right and left to secure that loan.

If you're on a monthly deadline then you're about how do I make my quota

not that I would know or anything

[The Notorious LOL]

O, beware, my lord, of jealousy;
It is the green-eyed monster which doth mock the meat it feeds on;
that cuckold lives in bliss
Who, certain of his fate, loves not his wronger;
But, O, what damned minutes tells he o'er who dotes, yet doubts, suspects, yet strongly loves!

haha yeah man I am itching to buy a home in the suburbs and amass large amounts of debt.

[Rock On]

haha yeah man I am itching to buy a home in the suburbs and amass large amounts of wealth in the equity that home ownership provides.

(!)

[The Notorious LOL]

either you're in the real estate field or you're just ignorant and bullheaded because of what the market has historically done. The housing market sucks and once more and more baby boomers retire, decide to downsize, and put their houses on the market...it isnt going to help shit.

[DipDipDive]

I can vouch for the fact that this kid's girlfriend sucks.