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Jeff S.
  • Specialist
  • Portland, OR
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Friend wants to borrow money, owns lots of RE

Jeff S.
  • Specialist
  • Portland, OR
Posted May 5 2012, 13:41

Just had breakfast with an old friend (high school) who has 13 houses, bare commercial land and back taxes.

He is negative cash flow but always borrowed his way out of jams with his equity.

He is foreclosure close with his property taxes and wants to borrow, pay 9%, to pay 1 year to keep from foreclosure.

I told him I would consider buying his tax liens on his free and clear commercial property. Just didn't quite know what else to say.

What would you do? What would you say? Is loaning money to a friend ever a good idea? Ever have it work out well?

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