Quote:
Originally Posted by fatfoo
That is true. Renting out to trusted friends could solve this problem.
Just like giving loans to trusted friends who I know will give the loans back.
But, for now I decided not to give out any loans.
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That might be faulty logic as well. In my experience the few times I have loaned money to friends and/or family it has taken forever for them to pay me back. I think it is because they fell like since you are a friend/family it isn't a pressing and if they know that you aren't in dire need of the money they have less guilt. I guess they assume you won't come after them like a regular company would.
A friend of mine rented a house to his brother and about 2-3 times a year his brother would call him on the day the rent was due and tell him he was going to be a few weeks late. So he would have to pay the house payment out of his pocket. Eventually he had to ask his brother to move out because of this and it really caused a rift in the family for several years.