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re: Cousin just asked me for money: he’s a high income earner and parents are wealthy
Posted on 8/17/23 at 10:25 pm to RedRifle
Posted on 8/17/23 at 10:25 pm to RedRifle
just buy into the Air Bnb for 50k or loan him the money with the entire air bnb as collateral.
If he defaults, you pick up a property and you aren’t out anything. If he pays you back, you were the hero.
If he defaults, you pick up a property and you aren’t out anything. If he pays you back, you were the hero.
1
Posted on 8/17/23 at 10:58 pm to tigerstripedjacket
quote:
just buy into the Air Bnb for 50k or loan him the money with the entire air bnb as collateral.
If he’s upside down or doesn’t have much equity in them, that collateral woukd be worthless. If he’s already upside down, probably no saving him now. Best thing is to try and sell off what he’s got and go from there.
No way I’d lend him money, make up some bs that you took a big loss with the market and are stretched thin.
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