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Posted on 8/18/23 at 6:32 am to RedRifle
NEVER LEND MONEY TO FRIENDS OR RELATIVES. Otherwise they won't be your friends anymore and your money will be gone. Unless you can gift this guy $50k, you'll lose the money and the friendship.
Posted on 8/18/23 at 6:35 am to Townedrunkard
quote:
No way I’d lend him money, make up some bs that you took a big loss with the market and are stretched thin.
Tell him all your capital is tied up in HEX and Pulsechain. He’ll end up loaning you money.
Posted on 8/18/23 at 6:46 am to lnomm34
quote:
Should I lend him the $50k?
>>>>>>>SARCASM<<<<<<<<<<
$50k isn't that much. Some people that much CC debt.
Do you get along with him? Is he prick? If you like him then just give it to him.
This post was edited on 8/21/23 at 6:26 am
Posted on 8/18/23 at 6:47 am to RedRifle
Tell him to sell a property
Posted on 8/18/23 at 6:48 am to RedRifle
He thinks you are an easy mark and a sucker! Why can’t he sell one of the AirBNBs? Is he upside down? How do you know he does well? Just bc he has AirBNBs? How did he let himself get into $50k debt? That’s a lot for just suddenly need to borrow from relative? What is/was his business plan and his budget and cash flow records? How does he plan to pay you back? You gonna charge interest? Promissory note? Why do some seriously come to the OT to ask advice on this crap? If you can’t understand it (which I think you do) then you should be separated from $50k as a life lesson. I think you just wanted to throw around the fact that he ask you for $50k and you were flattered that he even thought you had that much to lend.
Posted on 8/18/23 at 6:49 am 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.
Only way I would do that is he’d have to give me 100k of something for collateral.
Posted on 8/18/23 at 6:49 am to slackster
Even if I had the money, I likely wouldn’t be willing to lend it in this situation. If you feel inclined to lend him the money, you should require him to open up his books to you. Bank accounts, mtgs on each property, monthly notes, etc.
If any of the properties have 100k or more in equity, take a second mortgage on it along with a promissory note. Typically, people like this will have the most equity in their primary residence.
The real estate market has definitely come down this year from the Covid times. It will likely fall farther so if he’s upside down now, he will likely be much worse off come February of next year. The 50k would likely just buy him more time before the inevitable happens.
If any of the properties have 100k or more in equity, take a second mortgage on it along with a promissory note. Typically, people like this will have the most equity in their primary residence.
The real estate market has definitely come down this year from the Covid times. It will likely fall farther so if he’s upside down now, he will likely be much worse off come February of next year. The 50k would likely just buy him more time before the inevitable happens.
Posted on 8/18/23 at 6:51 am to RedRifle
quote:
but also owns several airbnbs and has fallen behind on mortgages
Sounds like a "he needs to sell some/all of them" problem.
Posted on 8/18/23 at 6:54 am to Havoc
quote:
How could anyone answer without knowing you and your own fiscal situation?
For example, $50k is not much to some people, and it’d be impossible for many to come up with. To others it’s doable but still a big deal.
You dig?
Posted on 8/18/23 at 6:55 am to RedRifle
Are you cool being out $50k? Are you cool watching your cousin burn your $50k and him still consuming at the current rate? When he gets a new car, goes to Europe w/ the fam, wife gets new boobs, whatever, is that going to burn you up?
If not, consider loaning him money with collateral backing and clear terms.
If you're going to be cussing his instagram because Brayleigyn and Braxtyn just got a new Club Car to cruise the hood, and he still owes you $49,900, don't lend.
If not, consider loaning him money with collateral backing and clear terms.
If you're going to be cussing his instagram because Brayleigyn and Braxtyn just got a new Club Car to cruise the hood, and he still owes you $49,900, don't lend.
Posted on 8/18/23 at 6:56 am to RedRifle
He needs to ask mom and dad. No way I’d loan him money
Posted on 8/18/23 at 7:23 am to RedRifle
Got too much pride to ask his parents but is ok asking you? I would say no if he asked me.
Posted on 8/18/23 at 7:27 am to RedRifle
Play it like when you gamble. If the loss doesn't bother you, then consider it, but this probably won't end once it starts.
Posted on 8/18/23 at 7:28 am to RedRifle
quote:
He does well, but also owns several airbnbs and has fallen behind on mortgages.
Well… he can sell one. Or how ever many it takes to get even. Housing market is still favorable.
quote:
Should I lend him the $50k?
To a cousin who has a good income, several properties, but is broke? With no apparent plan to shed debt?
Change “lend” to “give” and start a new thread.
This post was edited on 8/18/23 at 7:30 am
Posted on 8/18/23 at 7:34 am to RedRifle
Posted on 8/18/23 at 7:36 am to RedRifle
Don't lend money to family. Might as well just give it to them. That way there's no hard feeling when they don't pay it back.
Posted on 8/18/23 at 7:38 am to RedRifle
File this under things that never happened.
Posted on 8/18/23 at 7:41 am to RedRifle
Lend him the $50K with the condition if he doesn't pay you back in X amount of time, you get one of his Airbnb's.
Does he get to play with wife's new boobs?
quote:
When he gets a new car, goes to Europe w/ the fam, wife gets new boobs, whatever, is that going to burn you up?
Does he get to play with wife's new boobs?
This post was edited on 8/18/23 at 7:44 am
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