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Posted on 8/17/23 at 10:24 pm to RedRifle
quote:
s. His parents are wealthy but he’s got too much pride to ask them.
Unlikely. He probably owes them too.
Posted on 8/17/23 at 10:24 pm to RedRifle
If you want a real answer - make him execute a promissory note. Not that any of the OT ballers are in a position to make such a loan.
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.
Posted on 8/17/23 at 10:26 pm to RedRifle
frick no
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.
Posted on 8/17/23 at 10:29 pm to RedRifle
quote:
Just got off the phone with a first cousin who works in tech sales. He does well, but also owns several airbnbs and has fallen behind on mortgages.
Tell him to sell more.
Posted on 8/17/23 at 10:32 pm to GeorgeTheGreek
quote:
sell more
Professional Cure-all
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
Posted on 8/17/23 at 10:34 pm to RedRifle
Tell cousin baw to sell some properties or take a second mortgage
This post was edited on 8/17/23 at 10:35 pm
Posted on 8/17/23 at 10:34 pm to RedRifle
Yes. He won’t pay you back and you will never see him again.
Posted on 8/17/23 at 10:36 pm to RedRifle
I’ve given some folks money out right in some cases.
In some cases folks have wanted loans. In every single of those cases I’ve always asked the same question “tell me your plan”. If there plan is “I just need your money to carry me a month down the road until I’m in the same position again”, I tell them I’m sorry. If they do have a plan I always say “it’s better if we both have something to lose and ask them to put up collateral. On almost every occasion, I’ve been told no. Those folks had no intention of ever paying me back.
If you ask the cousin what his plan is and he doesn’t lay out a solid one, tell him no. If he does have a solid plan, entertain it but for 50k, I’m getting some collateral.
In some cases folks have wanted loans. In every single of those cases I’ve always asked the same question “tell me your plan”. If there plan is “I just need your money to carry me a month down the road until I’m in the same position again”, I tell them I’m sorry. If they do have a plan I always say “it’s better if we both have something to lose and ask them to put up collateral. On almost every occasion, I’ve been told no. Those folks had no intention of ever paying me back.
If you ask the cousin what his plan is and he doesn’t lay out a solid one, tell him no. If he does have a solid plan, entertain it but for 50k, I’m getting some collateral.
Posted on 8/17/23 at 10:37 pm to The Third Leg
This right here, but be prepared for family drama when you end up owning his properties because he doesn't pay you back.
Tell him to go to his rich family.
Tell him to go to his rich family.
This post was edited on 8/17/23 at 10:50 pm
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 8/17/23 at 10:45 pm to RedRifle
F*ck NO
If so get 2x as much in collateral.
If so get 2x as much in collateral.
Posted on 8/17/23 at 10:46 pm to GREENHEAD22
Needs to let you buy in to the real estate, watch him disappear .
Posted on 8/17/23 at 10:49 pm to RedRifle
Absolutely not-you would have said yes already if you really wanted to do it. It's just a bad idea. Tell him to swallow his pride.
Posted on 8/17/23 at 10:50 pm to RedRifle
Is your cousin Hunter Biden needing crack money? Wtf 50k?
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.
Posted on 8/17/23 at 11:09 pm to RedRifle
quote:quote:
Should I lend him the $50k?
Yes. Absolutely yes. No question.
I think I found your cousin
Posted on 8/17/23 at 11:14 pm to RedRifle
If he owns several Bnbs, one of them has equity. He needs to sell that one, even if it is his most profitable one. Then he needs to work his way out of the other ones until his debt is manageable even if he has to take a loss on one or two.
I wouldn't be able to loan someone money when they have assets other than their primary vehicle and home that they could get rid of. They like to spend money and the first time I saw a FB post from the Bahamas while they still owed me money, I'd lose my shite. Sometimes bad decisions are supposed to be painful. That's how we learn from them.
I wouldn't be able to loan someone money when they have assets other than their primary vehicle and home that they could get rid of. They like to spend money and the first time I saw a FB post from the Bahamas while they still owed me money, I'd lose my shite. Sometimes bad decisions are supposed to be painful. That's how we learn from them.
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