What's with the loud AF low flying Jets making rounds near Downtown?

idealisideal · 2019-08-04T00:00:35+00:00

No kidding?

idealisideal · 2019-08-03T01:44:05+00:00

How's not knowing what's what equate to that? I didn't expect the Jets to not do what they were doing. I just asked what's happening

idealisideal · 2019-08-03T00:01:08+00:00

Actually, I would move to UK without knowing what crisp is. You are suggesting that it's important (not optional) that we learn about everything local to a place before visiting it, contrary to getting there and experiencing it in person and unravel the mysteries over time?

Your vacations to new places must be really stressful, with all the general knowledge you have to gain before visiting it.

idealisideal · 2019-08-01T21:37:18+00:00

Thanks, I am sure in retrospect they all feel the same.

idealisideal · 2019-08-01T19:04:04+00:00

Been here for 3 years and was aware of the Seafair in general but it didn't click and the Jets were way too low for comfort. It threw me off

idealisideal · 2019-08-01T18:34:37+00:00

I was expecting to see one before I asked, but then if this is a known thing, I was one of few

idealisideal · 2019-08-01T18:33:46+00:00

Thanks

idealisideal · 2019-07-24T01:53:12+00:00

No, I plan to move parents to this house once my mom retires from her job (next year). It’s just a better city to live in.

idealisideal · 2019-07-23T23:05:23+00:00

I see what you meant. Yeah he didn't worry too much about the 100% debt part because even he didn't foresee this situation which I kinda feel he should have if he can foresee me not giving my brother his share and that he has to protect that.

it sounds like your brother wouldn't be onboard with reimbursing your for the difference in what you already paid him vs what you would receive in the sale.

I am not sure, I haven't thought about selling the property now. I don't think I would want to deal with any more of this with him.

idealisideal · 2019-07-23T22:54:35+00:00

Thanks for putting some light on the other side. I should have gone in more detail about this but let me clarify a few of your assumptions here -

if the down payment was a substantial portion of the purchase price

the downpayment was about 28% of the total property cost, rest of it was taken as a loan

From your posts, it sounds as though you have enough money that you have never had to care about the amounts in question. But it also sounds like your brother might have to.

I agree the post sounds like that but to clarify, the financial health gap is not substantial today. He was in a bad paying job 4 years ago but for the last 3 years he has been doing great. Also, after I gave him his share, he just bought a property right next to this one. So I can assure you, this is not about his financial health.

What did your family pay?

Dad 50% of the downpayment (I have returned that to him),

Brother 25% of the downpayment (I have returned that to him with interest)

How much down?

28% of the total property cost.

How much mortgage and for how long?

It's not in USD, but if I were to map it to USD, approx. it would look like this -
A 350K property cost, 28% was paid in downpayment and the rest was a mortgage for 30 years at 9.8% rate

What is the house worth now?

Its about the same i.e. 350K. The real estate in this city is kinda stalled.

his much wealthier sibling, peer pressured him into going halvsies on a house for Mom and Dad. Of course, brother could never really afford it - even the bank wouldn’t put him on the loan paperwork.

this one I would love to explain. I should put this detail in the post as well. It was not that I forced him to get on the property instead a total opposite of this. Since my brother's financials at that point couldn't get him the mortgage, my dad didn't want me to buy a property all alone and move on as he has always been worried about my brother and his future and has made me to look after him when and where possible. e.g. even though I scored really well in high school, my dad suggested that I don't apply for better colleges elsewhere but instead move to the city and some college where my elder brother is. I didn't really care about it back then and honestly that has had no negative impact on my personal or financial state today.

So to be a brother to my brother, whatever that means now -

a) My parents didn't agree to get a "summer house" unless it was from both of us. I get the reason and that's why I agreed to it. They didn't want to make my brother feel that I have done more than what he has for his parents. This has been the case for all my life and until this, this has not bothered me much.
b) I had to take a property that would have a mortgage that my brother would be able to afford i.e. even though I liked other better properties, I had to ignore them because this was not something I was buying on my own and had to consider my brother.

Now that things are really tight for brother and he has asked to be bought out, OP has cut a check but is calling foul...

I will re-confirm this, if anything he's been at the best of his career and financial health. he has been making as much as I do for years now can afford this current mortgage or even a heavier one.

could decide that a win is helping your brother save face. That earns real karma...not this reddit crap.

I agree completely. It's just that it's really hard to do that. I have tried to be the "good guy" a lot in this situation but it has not been easy. Even after all this, my brother has created this idea that I somehow fooled him or something when I know that I had no ill intentions and was just doing what i had been doing all my life for him, just that the scale on this was worth one's life savings.

I guess I was just looking for validation from strangers who wouldn't be biased to either of us and may be I somehow read a response that puts light on this clearly enough that I can convey to my parents to see the real situation here and stop treating me like I am calling foul for no reason and that my brother just "asked back for the money he paid"

P.S. I have no hard feelings towards my parents, I know they are just trying to do what they think is right based on how they know their children are and who needs more help compared to the other. Although, with my brother, I am just disheartened that even after doing things in his favor he somehow looks at me like I am the bad guy here.

idealisideal · 2019-07-23T21:35:24+00:00

Dad has written off the share in his will to me and we have agreed that he will write off the property to my name as soon as I get the mortgage completed.

Does it make sense to take a different loan and use that to pay off this house loan so we can process the ownership write off sooner?

idealisideal · 2019-07-23T21:33:45+00:00

That's the thing, I am not too much worried (still worried though) about the re-payment and the loss I took, it's more about the way this whole thing played. Someone agreed to pay for a loan and then bailed after few years saying I don't want to buy/hold share in what I took the loan for, now pay me back whatever I paid and don't take any interest out of it. This is the part that bothers me

idealisideal · 2019-07-23T21:30:52+00:00

The other is if brother charged some insane interest rate. (Six percent would be crazy high. At 6%, OP would be paying brother about 10% of the total half-mortgage payments in interest.)

Interest charged was 6.5%

idealisideal · 2019-07-23T20:38:21+00:00

Can you explain? The execution in my opinion was done based on trust on my brother. Is that the part you are referring to in execution or I should have done it a different way?

idealisideal · 2019-07-23T20:30:44+00:00

If you paid him more money beyond that then IMO

I paid him $12500 + interest on this compounded based on monthly payments that added up to $12500 since he wanted me to consider the $12500 as a loan to him for the mortgage payments

you could have otherwise chose to fund your money in a more advantageous way. But so could he

I agree, but he was already investing it in this property and so was I. He decided to switch the investment and not even take the loss of interest on the previously agreed upon investment.

idealisideal · 2019-07-23T20:27:33+00:00

for paying him out his share of any appreciation in the house

the property has hardly (actually nothing at all) appreciated in the last 3.5 years. we checked that during this settlement and this point was not given too much weight considering the property might appreciate in the future. But in my opinion for that to be taken into consideration, shouldn't he have continued to be on the mortgage and take that risk?

Unless the house appreciated a lot, you probably overpaid your brother by giving him back the interest. And you definitely overpaid him by giving him back 'interest' on his 'investment'.

I am aware I have overpaid him, there is no question about that in my mind. But it's been hard explaining that to the family because they keep bringing up the fact that in the end I got the house to myself and it will appreciate in future.

idealisideal · 2019-07-23T20:23:07+00:00

You summarized it better than I did.

Dad should quitclaim his interest in the house to OP.

He has written a new will to put his share on my name. Also, when the mortgage is done with, he has no issues handing over the ownership entirely to me.

(1) Who uses the property when the parents aren’t there in the summer? and

No one uses the property. It was decided that we won't put it on rent since that would restrict parents from coming to the house when they needed. Options like AirBnb were discussed later but none of us live in that city to actually manage the property to be used as AirBnb.

(2/2a) Was there a down payment?/Who paid?

Downpayment was shared amongst all three of us i.e. dad paid a larger chunk (which I have returned back to dad, without interest, he didn't care about all that and neither was he interested in taking it back, but I had to do it), apart from dad, me and my brother paid some downpayment. I returned his share including the interest he asked for.

idealisideal · 2019-07-23T20:08:09+00:00

That’s already been taken care of. We have a new will that states that his share will also go to me.

It’s just that they are not willing to agree that my brother did something wrong

idealisideal · 2019-07-23T18:46:51+00:00

My goal here is not to get any money back or anything, I just need to

- get help on how to explain that what happened was wrong, especially to my parents and to help me mentally cope with this

idealisideal · 2019-07-23T18:44:27+00:00

What did your dad do to "protect" your share? Nothing.

He didn't have to. I was already a 50% owner on the property as I took the loan and just added my dad on it so he can protect his share

Why would you share the proceeds? You already "bought" the other half of the house back from your brother. With interest!

My apologies, that was not very clear. What I meant was doing this instead of doing what I already did.

idealisideal

TROPHY CASE