Quote:
Originally Posted by Barefootsies
I should probably include some back story for a more realistic, fair, assessment.
1. Person asking is minority business partner in porn company.
2. He owns half million dollar house.
3. Has a 44 foot yacht.
4. Owns something like 20-30 rental properties.
5. Has a half a dozen car washes.
So it's not like it's some, broke as a joke, family member or friend. He is asset rich, just no liquid cash on hand that he can easily get to. He wants to pick up this new car wash as he is moving from real estate to car washes for his main investments.
I had helped him previously with a $4,000.00 loan, and he paid it back in 10 days time. But I am having a hard time choking down $20,000.00.
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I'm not saying I wouldn't consider it, but I have to say that one red flag that would go up for me would be why someone who owns all that can't come up with a lousy $20k? I mean really, My house is barely worth half of his yet I can get a "prime+1" low interest line of credit attached to my mortgage for $50k in the blink of an eye from my bank whenever I want it.
Something just doesn't feel right with this picture.
I would want everything put in lawyerspeak, definitely, including me being able to garnishee his rental income if he defaults on the deal, or something like it.
Btw, why does he "take a hit" on his credit score just for pulling the $20k from his card? I don't get it. As long as you pay the card back there should be no "hit" at all, should there? Also, if he is a homeowner, why doesn't he have a low-interest credit card? Mine is at 8% interest, regular interest rate on Visa here is over 19%.