Do you agree it is bad idea? Or is it?
My real estate partner called me up with some ideas to make some money. As always, his "idea" involves spending thousands of dollars on some real estate investing program. I want no part of that. Anyway, he now wants to get a $17000 loan using a line of credit. He recently lost his 9 to 5 job, so he's desperate for income. His credit score is bad, but my credit score is good. He is pleading with me to co-sign on the line of credit loan. My gut tells me don't do it. He goes on to say I have to take risks to make something happen. I understand that, but I am not doing great financially as far as my own income from my day job. I want to make some progress in real estate, but should co-signing for that $17000 loan be the solution? He really needs my help and I don't think I am able to be a cosigner. He make it sound so easy like the property will pay back the loan in no time. I don't know about all that.