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Posted on 8/18/23 at 12:24 pm to RedRifle
No, but if you do get a Promissary Note if you want to try to get it back.
Posted on 8/18/23 at 12:30 pm to RedRifle
Tell his shite the recession is killing you and you about to ask him
For
Money
For
Money
Posted on 8/18/23 at 12:33 pm to CaptainBrannigan
I know what a REIT is, and you're out of your mind if you think that's the sole or biggest driver of companies getting into housing RE.
Posted on 8/18/23 at 12:37 pm to RedRifle
Sure if done properly. Legal paperwork, promissory note, etc…. Get him to put up collateral.
Definitely no handshake deal. This isn’t a $200 loan. If he has money he is used to proper transactions.
Definitely no handshake deal. This isn’t a $200 loan. If he has money he is used to proper transactions.
Posted on 8/18/23 at 12:43 pm to RedRifle
Apparently not high enough.
Posted on 8/18/23 at 12:58 pm to RedRifle
(no message)
This post was edited on 8/18/23 at 2:39 pm
Posted on 8/18/23 at 1:01 pm to danilo
If a person needs 50 grand, and makes it down the list to "ask a cousin", that person is probably not a good risk.
Posted on 8/18/23 at 1:21 pm to TigerCoon
If a wealthy person with wealthy parents is asking you for $50k to get out a jamb, you can pretty much guarantee his problem is a whole lot more than $50k.
Did he already burn through his parents and others which would put your debt owed behind a list of others? $50k is not a small amount and to be that far in the whole on properties is a long running debt problem.
I would counter with buying out a property for a steep discount if I were interested in a property. Otherwise, heck no cuz.
Did he already burn through his parents and others which would put your debt owed behind a list of others? $50k is not a small amount and to be that far in the whole on properties is a long running debt problem.
I would counter with buying out a property for a steep discount if I were interested in a property. Otherwise, heck no cuz.
Posted on 8/18/23 at 10:32 pm to DakIsNoLB
quote:
You're treating them a like a bank would. Of course they won't say yes. It's the right play though.
Difference is that I probably would not charge them interest. It would actually be a free loan or a free gift of money.
Problem for them is that they don’t want me to see the actual reason they are in a financial bind. Which is exactly what needs correcting before you give them money.
Posted on 8/18/23 at 10:34 pm to RedRifle
Not so subtle “I have $50K” brag.
Posted on 8/18/23 at 10:54 pm to RedRifle
Sounds to me like he is ready to declare bankruptcy. If you ‘lend” money to him, consider it gone.
Posted on 8/18/23 at 11:01 pm to RedRifle
Buy him a Dave Ramsey book to assist him with his financial situation.
Posted on 8/18/23 at 11:07 pm to RedRifle
like you have 50k
Posted on 8/18/23 at 11:08 pm to RedRifle
No idea how close you two are as friends,other than just being family, but fully expect that if you lend someone that substantial amount of money, you not only will not likely see it ever returned, you also will lose a friend.
He will ghost you once he gets the cash.
And if you dare ask for anything back he'll just get argumentative about your asking.
He will ghost you once he gets the cash.
And if you dare ask for anything back he'll just get argumentative about your asking.
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