re: A good buddy called me asking for money yesterday. Update 6/12

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Depending on the amount, just let him use one of his boats for collateral. He doesn't pay you back, keep the boat.


That's not a terrible idea.

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Well, its a better idea to buy it outright with an agreement to sell it back to him at a set price within a set time. that way you don't have to foreclose if he defaults since you already own it. No lawyers, no court. He doesn't come up with the money and you sell it to someone else.