My family of 7 is currently looking to move to another city in Southern California. I want to keep the current house that we are living in and take on the payments while my parents and other family members go and buy another. I quickly ran this idea by my dad one day and he replied he need the equity that he has built in this house to pay for the new house. My parents and Sisters plan on splitting the mortgage of the new house.
Is there a smarter way of going about this move?
My girlfriend and I make around 180k combined. We are both still living at our parents home trying to save for a downpayment on a house. I currently have about 40k saved. No debt. Only reason why I haven’t moved out is that I have dreams of owning a house. So throwing money away on Rent is the last thing I’m trying to do. I Do not plan on moving into this New house my parents want to buy. So my time is getting smaller.