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Message
1
Posted on 8/17/23 at 11:23 pm to RedRifle
The fact he won't speak to his wife about the financial issues they are in, you absolutely don't loan him any money!
Posted on 8/17/23 at 11:23 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. His parents are wealthy but he’s got too much pride to ask them. He needs to “shift some money around”. Should I lend him the $50k?
ETA: he said he’s $50k in the hole but would take whatever he could get.
Sounds like you should take some STRs off his hands
Posted on 8/17/23 at 11:26 pm to RedRifle
quote:
Should I lend him the $50k?
Get $100k in quickly liquidatable assets as legally binding collateral.
Posted on 8/18/23 at 12:29 am to RedRifle
How could anyone answer without knowing you and your own fiscal situation?
Posted on 8/18/23 at 4:14 am to RedRifle
He's probably gone to his parents and siblings. He's either maxed out with all of them, burned them all or both.
You can't trust this person with money.
You can't trust this person with money.
Posted on 8/18/23 at 5:01 am to RedRifle
You have $50k lying around? Bill gates over here
Posted on 8/18/23 at 5:02 am to RedRifle
Slippery slope, the answer is no
Posted on 8/18/23 at 5:06 am to RedRifle
$50k for a ten percent share in his properties...
Posted on 8/18/23 at 5:19 am to RedRifle
Unless he has a shite ton of equity(collateral), tell him to cut his losses.
Posted on 8/18/23 at 5:37 am to RedRifle
It's never lending when you give it to family. I learned that one the hard way.
Posted on 8/18/23 at 5:38 am to RedRifle
If he is only 50 grand in debt with investment rentals, he can take out a loan against his properties, or get a personal loan.
This smells like he is much more under water than he tells you, and the $50K is needed just to stay afloat. He may really need a six figure loan.
I helped out my brother in law by building him a shed for his business. It cost me $30K. He wanted to go on a payment plan and I said no. I said "If you are doing well in 10 years and decide to do something for me in return then that is good enough for me, but I will NEVER expect re-payment."
This smells like he is much more under water than he tells you, and the $50K is needed just to stay afloat. He may really need a six figure loan.
I helped out my brother in law by building him a shed for his business. It cost me $30K. He wanted to go on a payment plan and I said no. I said "If you are doing well in 10 years and decide to do something for me in return then that is good enough for me, but I will NEVER expect re-payment."
Posted on 8/18/23 at 5:47 am to RedRifle
Maybe he should just sell his crappy 30a condo
Posted on 8/18/23 at 5:58 am to RedRifle
Sounds like he has gambling or drug problems. Something doesn’t smell right about this scenario.
Posted on 8/18/23 at 6:00 am to tketaco
quote:
Omg guys have yall heard Roch Men North of Richmond. I'm so enlightened in politics.
that bearded ginger has really got you upset ehh?
Posted on 8/18/23 at 6:00 am to RedRifle
Offer to buy one of the properties from him for 50k with a resale date back to him for an agreed upon price.
Then he has X amount of time to come up with the 50k or financing to buy his property back.
Then he has X amount of time to come up with the 50k or financing to buy his property back.
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 6:17 am to RedRifle
quote:
He needs to “shift some money around”. Should I lend him the $50k? ETA: he said he’s $50k in the hole but would take whatever he could get.
No sir
Posted on 8/18/23 at 6:20 am to RedRifle
quote:
Should I lend him the $50k
Posted on 8/18/23 at 6:29 am to RedRifle
He has multiple real estate properties?
Ummm sell one
Ummm sell one
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