$ opinion on investment (long read)
I just want to see if my husband and I are wrong lol
I know money and family should never mix but we trusted them.
My father in law has offered all his children one of his homes for sell. The house is worth 400k. BUT he will sell it to my husband and I for the reminder of the loan, which is 227k. His reason is that we're the only ones who don't own a home. But to all of his other siblings he will sell for 50k + remainder of the loan because that would be their second home (investment property).
We were not able to get the loan. But my father in law agreed to let us move in when our lease is up and as long as we get the loan in the near future.
my husband's brother/my brother in law, offered to co-sign until we can get it on our own. We gratefully accepted and told him we would pay him for helping us.
He asked how much the loan was etc. Upon finding out he flipped out and argued with my father in law because we were getting it cheaper. My father in law explained it was because he was well off and could afford to pay it. (He makes a little over 200k a year) And my husband and I aren't that fortunate yet. We're okay, but not rich.
So my husband, (the mediator/peacemaker of everything), told his brother we will just get the house together. I will pay the monthly bills and taxes and
Option A) sell eventually & split the profit after we get back our investment (what we paid into the principal, not including taxes and interest)
Option B) if one of us wants to keep the house, we will pay the other one their share of above profit.
Now my brother in law flips
1st he said it wasn't fair we were making a little savings account by paying into the principal and he wasnt.
We informed him he could but we just felt weird having him pay where we live.
But he insisted we each pay monthly half and at the end we profit half. Simple. We agree
Now he's convinced my father in law to leave the home to both himself and my husband but that he shouldnt have to pay anything a month. Because that's OUR rent and we have to pay where ever we live. He should just get half the profits regardless
My logic is this...say we pay the loan off 200k. We sell, my husband and brother each get 200k. What have we gained ? Other than paying interest and taxes and no home at the end
My brother in law thinks he's a financial genius because he's a car sales finance manager and thinks we're stupid village people with no money logic. I just need to know. Are we unreasonable?
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