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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 10:32 pm to reggierayreb
Posted on 8/17/23 at 10:32 pm to reggierayreb
quote:
He’s gonna have to liquidate some properties. If he takes some hits then that’s the way it goes. Bad shite happens to most of us at some point and we all have our share of misery in life one way or another. If what you say about his parents is true and he works hard and is a good person he’ll be ok.
He’s fricked on that end. Upside down
4
Posted on 8/17/23 at 10:45 pm to RedRifle
quote:
He’s fricked on that end. Upside down
How is he upside down in this real estate market?
Did he spend a bunch of money renovating houses in the ghetto thinking hipsters would pay $200 a night plus cleaning fees to stay in the "real" part of [urban shithole]?
50k? Pffft. Tell him to make peace with his parents, negotiate with the lenders holding the mortgage on his stupidity or consult a bankruptcy attorney. Hard lessons learned are the most valuable ones. If you want to piss away your money go to Vegas and have a good time.
Posted on 8/18/23 at 6:17 am to RedRifle
quote:How’s he upside down? Home prices are still high as hell and mortgages on investment properties usually require at least 20% down.
He’s fricked on that end. Upside down
Sounds like if you loan him $50k that you may as well forget about ever seeing that money again. Tell him go ask his parents for money or try to talk to his mortgage lenders about possibly doing a short sale to offload the properties he can’t afford
Posted on 8/18/23 at 9:14 am to RedRifle
quote:
He’s fricked on that end. Upside down
Unless he bought those properties last month, his being upside down is either a lie or he's horrible at real estate.
Either way, you would be better off just wiping your arse with that $50k.
Posted on 8/18/23 at 9:50 am to RedRifle
quote:
He’s fricked on that end. Upside down
And this is where you blew it.
Gotta think it through a little more next time op
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