How To Catagorize
I have a lead on one of my family members who is having problems with thier mortgage. I want to figure out how to help them out by getting rid of the debt, and putting a little money in their pocket (not too much though). Could I do this Subject too, or could it be done some other way?
Source
Just to let you know - you're playing with fire here. If you want to put money in their pocket by all means go ahead and take your money and give it to them. I'm not sure if I'd expect to see it again. With regards to doing a sub2 deal...you realize they will have to move out of the house correct? So yes, you could get them money by doing a sub2 deal, but they'll have to move out and you'll have to get someone else in there.
Ryan J. Schnabel
It is not adviseable to loan money to friends or family. No matter if you make little or no money on the deal they may still feel cheated. This is their perception,not what actually happened. My rule with family and friends is "neither a lender nor a borrower be".
So, I should just take their house and be done with it hunh?
Source
The only problem with doing deals with family and friends is that it is hard to get them out of the same problem occurs again. I leased a house to my brother in law and because of my nephew I let them stay 6 months free without paying any rent. Then i had to go and put the stuff on the curb the day of the eviction. I found papers too where he had been in trouble for child abuse. He gave his son back to my sister and disappeared for years. I should have taken action earlier but thought I was helping my nephew. Be careful if you help and do not keep helping over and over as it could make it worse for all concerned
Good LUCK and Thank You
Hope this helps some
Ted Jr