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Posted on 8/18/23 at 9:51 am to 777Tiger
quote:
once when I was moving I had three real estate closings in three states within 24 hours, selling two, buying one, I don't recall what I needed it for but I asked my mom if I could borrow 30-40k for 48 hours, she said that her and my dad were going on a trip but she'd leave a check on the counter in her sewing room(this was way before instantaneous money transfer among us proletariat was available,) I paid her back when I said I would, but I've heard of a hell of a lot more stories where lending money among friends/family didn't turn out so well
Very similar situation here because I dropped a payment from one of my liquid channels into a new silo’d bank account and they froze my funds for 7-10 days.
The dread and shame I felt borrowing the money from fam for less than a week was intense. I don’t know how people knowingly swindle money from their family.
Posted on 8/18/23 at 9:51 am to DakIsNoLB
quote:
You're treating them a like a bank would
I always say if a lending institution won't lend them any money there's probably a good reason for it
Posted on 8/18/23 at 9:52 am to Eternally Undefeated
quote:
Offer to give him $350 for each nut throw at his wife
quote:
It is difficult for me to imagine the intellect of a person who thinks this message is clever and needs to be shared with others.
Arse, grass, or cash. Nobody rides for free, bro.
Posted on 8/18/23 at 9:54 am to Tempratt
quote:
$50k isn't that much. Some people that much CC debt.
I guess it isn't for some people; sounds like you're one of them. Seeing as how it isn't that much money, send me your Venmo. I could use a hundo for gas to go out of town this weekend. Sounds like you won't miss it. **sarcasm**
Posted on 8/18/23 at 10:00 am to RedRifle
quote:
fallen behind on mortgages
quote:
lend him the $50k
is this new slang for cocaine addiction?
Posted on 8/18/23 at 10:02 am to RedRifle
Call your uncle and have a chat.
Posted on 8/18/23 at 10:07 am to HailToTheChiz
Yep he would have to put up the Air BNB up as collateral
Posted on 8/18/23 at 10:08 am to RedRifle
quote:
but he’s got too much pride to ask them
what does that say about you....
Posted on 8/18/23 at 10:10 am to Tempratt
quote:
$50k isn't that much
Are you fricking insane?
Posted on 8/18/23 at 10:11 am to Tempratt
quote:
$50k isn't that much. Some people that much CC debt
While this may be true, $50k is a whole hell of a lot when you start to fall behind and don't have the cash to catch up. It seems that he wouldn't have fallen behind on mortgage payments if he had the money to make the payments.
If youre broke and dont have the money to make your payments, $5k can seem insurmountable.
Posted on 8/18/23 at 10:11 am to MyRockstarComplex
quote:
The dread and shame I felt borrowing the money from fam for less than a week was intense.
I didn't feel bad because I hadn't backed myself into a corner with nowhere else to turn to and no ability to pay it back, it's been thirty years but I think I needed as contingency because of one of the deals, not even sure I had to use it, paid it right back
Posted on 8/18/23 at 10:19 am to Jcorye1
quote:
I'm sure all the other massive spending bills have had nothing to do with it.
It was not. But thanks for proving you fools have no idea about the policies you support.
LINK
quote:
However, one beneficiary of the reduced corporate rate is the real estate investment trust (REIT). REITs are vehicles that investors use in the real estate industry. The new rate will benefit REITs that distribute 90 percent of their taxable income annually or have taxable REIT subsidiaries. REITs should consider distributing only 90 percent of taxable income to retain more cash for operations and development. Then the remaining 10 percent of taxable income will be taxable to the REIT but at a lower rate
Posted on 8/18/23 at 10:21 am to CaptainBrannigan
Do you have to litter every thread with your Trump bullshite? Jesus give it a rest dude
Posted on 8/18/23 at 10:26 am to RedRifle
tell him he has to pay you the 50k back and then another 40k in cleaning fees
Posted on 8/18/23 at 11:08 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.
You should absolutely let him borrow the money - it sounds like he really needs it.
On another note, I'm in a bit of a bind myself. I only need $25K though. TIA
Posted on 8/18/23 at 11:10 am to Jones
quote:
Do you have to litter every thread with your Trump bullshite?
So I should turn a blind eye to stupidity that ruined our economy because your little feeling are hurt snowflake?
Posted on 8/18/23 at 11:15 am to Double Oh
quote:That ain't gonna work out too well if the cousin is upside down on the properties like OP claims.
Yep he would have to put up the Air BNB up as collateral
Starting to think this is made up nonsense though since OP hasn't been back in this thread since last night when he said his cousin was upside down on the properties. Pretty damn hard to be upside down right now on investment properties since housing prices haven't really come down much from their peaks and a mortgage on an investment/secondary property requires a lot bigger down payment than a mortgage for your primary residence. Unless his cousin was committing mortgage fraud buying the properties and applying for mortgages with low down payment requirements under the pretense that he was buying it to be his primary residence.
Posted on 8/18/23 at 11:40 am to RedRifle
Holy shat…50K?!? That’s A LOT to ask of someone, let alone extended Family. You tell him, he needs to man-up, swallow his stupid pride & beg his Parents. What a joke
Posted on 8/18/23 at 11:43 am to Tiger Prawn
quote:
Unless his cousin was committing mortgage fraud buying the properties and applying for mortgages with low down payment requirements under the pretense that he was buying it to be his primary residence.
Wouldn't surprise me. Easy to hide all the fraud when the money is flowing. Mortgage brokers are happy to close their eyes, since they get paid for writing mortgages, not rejecting them.
I wonder how many other people over extended themselves to buy vrbo and airbnbs... now that revenue per property is dropping, along with property value, is that enough to domino the housing market?
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