Wednesday, April 4, 2018

Daddy's Little Girl



She bought a house with her boyfriend. Actually this is the second house she's bought and this time with a whole new squeeze. You see, I guess the first real estate buying learning lesson wasn't enough. It was a starter relationship and why not buy a house with the boyfriend?

Just because the first go round didn't work out doesn't mean with a new guy and new house it would fail too.

In spite of all my whining and bleating on the subject she did it anyway. Where did I fail?

It's a cute little two-story nestled off a dirt road just a stone's throw away from Pigeon Lake. Near the water but not on the water. She was just a million short for that. The place has been completely reno'd and was in move in condition. Small miracle!

After taking a bath on her first house horny foray into the Kawartha Lakes market she managed to outbid other mills for the chance to plunk down 375K and a fresh start to get this right. The house and boyfriend thingy that is.

She won't tell me what they put down, other than his parents cut them a significant cheque. We bought them a new washer and dryer just to ease the tension. Kids can't keep running to their parent's house to do laundry don't you know.

I know that she made 89K last year and secured a mortgage through a broker. She also got sucked into buying insurance products she didn't need. I just nodded my head up and down as she explained away the nonsense. No need to justify added expenses you don't need but explain away if you must.

She has no savings and no investments, just a little beagle dog who now has close to an acre to romp and run and lots of barren countryside to share with the other packs living in the area.

He (new guy) will commute 45 min to a new job because of a job transfer to be closer to the new house and dog. I have no idea of his income and really don't care. I just want him to live up to his commitment and pay his fair share.

Did I mention he's a nice guy too. That's the standard apparently. They all start out that way, so did I.


I've Seen This Movie

A couple year's ago in spite of my consternation and deep concerns about her then loser seasonal worker boyfriend, she jumped into the market holding hands with him anyway.

Before the year was out he left her for somebody else and stiffed her paying the monthly all on her own. He was still on the mortgage and could not be taken off according to the bank. What a f'n mess!

"Don't say it Dad" What? Something like I told you so maybe. OK I'll just shut up and listen to the why story on what a bad decision you made in spite of all the free life skills that have been gifted to you throughout the years.

"You mean buying a house with your boyfriend didn't work out?" I'm shocked. Not really.

He was a loser from the start, borrowed his half of the down from Mom and once winter set in, he settled his ass into the couch and never moved until he packed up. They didn't last the year.

The place was a shambles, needed extensive work and the hydro was electric. The monthly bill topped out at $1000 a month at times. This after shutting everything off and basically shivering in the dark. She called crying many times after he left and she was stuck with the bills and mortgage on her own. What to do? He moved in with the new girlfriend.

Fresh Start

After months of sitting idle on the market she finally found a greater fool to take on the shack and let her escape the disaster that was her first house purchase.

She moved back in with Mom (who lived just down the road) while she repaired her finances. She won't actually say how much she lost but she was just glad to have finally washed her hands of the whole situation.

I hope there was a lesson to be learned somewhere along the way.

My Final Takeaway

  • all 4 of my kids are financial misfits
  • in spite of my counsel they don't listen
  • they all spend money they don't have
  • 3 out of 4 rent which is good
  • they all live paycheque to paycheque which is bad
  • no savings or investments just bills
Where oh where did I go wrong? I pour out this story so that if you have any house horny kids you can relay a real life story of what can go wrong and did go wrong for my little girl.

I'm not smart, this was actually an easy call. When he called me dude (first boyfriend) after being introduced, I knew I hated him and we wouldn't have a future as euchere partners on family night.

Do yourself a favour and become a regular reader of the greaterfool.ca blog. I have said it many times in the past and will continue to pound the table that it is the best personal finance blog (awarded) and real estate blog on the web.

Even Garth Turner will tell you that it's a huge mistake to buy a house with a boyfriend. If only my daughter didn't ignore all the whining and nashing. Maybe it was just me.

We all hope it works out the second time around but just like investing, there is no guarantee that past results will be the same in the future. I pray they're a lot better for her and him. He really is a nice guy!

I receive no compensation for mentioning any of the above links. Just so ya know!

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