Currently, I'm waiting for my wife's green card to be approved so she can join me. But my dad who is one of those “pull yourself up by your bootstraps conservative types” made me an offer and his reasoning shocked me.
His offer is this, he will sign over his house (its a really nice house in a really nice neighborhood on 1 1/2 acres) to me, his house is paid off (no mortgage). In return, I will use the house as collateral to get a line of credit to build a mother-in-law suite. 2 bedroom 1 bath probably around 800 sq feet. We figure roughly speaking this will be around $150-$180k. In return, we spilt all the non-mortgage-related bills 50/50 (so power, water, taxes, maintenance/etc). His house is probably worth around $400-$425k (before we add the mother-in-law suite which…will add significant value).
I'll of course be responsible for the payments on the line of credit which I figure will be around $1,300 assuming we take out $180k.
His reasoning for making me such a generous offer?
The world has fucked the young people of today, and its not as even as playing field as when he was young and this is his way of evening the playing field for my family.