The Moneyist: I asked my son to buy a condo unit with me as an investment — now I want my money

Dear Moneyist,

Due to the rising house market in 2013, I encouraged my son to buy a condo in Charlestown, a part of Boston, while it was still affordable. After several conversations, my son finally agreed to put up one-third of the 20% down payment for a newly renovated condo and I paid the other two-thirds of the down payment. We didn’t have any written agreement because of the father-and-son relationship.

Here is what I said at that time about this transaction:

It is an investment, no interest. If the condo’s value goes up at the time we split, we share the profit proportionally.

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