This thread spurred me to write my own thread regarding my own dilemna.
I am in the same situation as Passion in his related thread. My co-worker knows I have some cash, but more importantly he knows I have my credit cards. I have enough to purchase a very fvcked up house, but he wants me to pull out $2k and put it into a bank account, which he wants to open in my name and his name. I said I'm ONLY going to pull out money and put it into my personal account so that if anything fails, I just put it back into my credit card and pay it off. The reason behind all this is, we're trying to get a loan through a lender that specializes in lending money to ppl who want to fix and sell houses. They previously denied us stating our monthly cash flow wasn't looking good. We basically live paycheck to paycheck.
So, realizing that my credit score is above a 750 and I have cash in my credit cards, is this a good idea? I hate to use money I dont have, but if I purchase a property and sell it for profit then I can pay off the credit card. However, going into this with my co-worker, well it's risky and I understand there may be problems down the road.
Enter my friend from high school, who I've know for 6 years. He wants to get into this business and I would feel better working with him. He doesnt like to jump the gun and buy stuff or do stuff unlike my co-worker, who by the way purchased additional landline phones and another cellphone for his business that isn't generating money or interest!!!!! Anyways, bottom line is my co-worker knows more about this business but he lacks the money and patience. My high school friend has a dad who's a contractor but we BOTh do not know much about the field. However, we'll leanr as much as possible before we leap into anything. I am so confuse because I got both ppl pulling me from both sides!
I am in the same situation as Passion in his related thread. My co-worker knows I have some cash, but more importantly he knows I have my credit cards. I have enough to purchase a very fvcked up house, but he wants me to pull out $2k and put it into a bank account, which he wants to open in my name and his name. I said I'm ONLY going to pull out money and put it into my personal account so that if anything fails, I just put it back into my credit card and pay it off. The reason behind all this is, we're trying to get a loan through a lender that specializes in lending money to ppl who want to fix and sell houses. They previously denied us stating our monthly cash flow wasn't looking good. We basically live paycheck to paycheck.
So, realizing that my credit score is above a 750 and I have cash in my credit cards, is this a good idea? I hate to use money I dont have, but if I purchase a property and sell it for profit then I can pay off the credit card. However, going into this with my co-worker, well it's risky and I understand there may be problems down the road.
Enter my friend from high school, who I've know for 6 years. He wants to get into this business and I would feel better working with him. He doesnt like to jump the gun and buy stuff or do stuff unlike my co-worker, who by the way purchased additional landline phones and another cellphone for his business that isn't generating money or interest!!!!! Anyways, bottom line is my co-worker knows more about this business but he lacks the money and patience. My high school friend has a dad who's a contractor but we BOTh do not know much about the field. However, we'll leanr as much as possible before we leap into anything. I am so confuse because I got both ppl pulling me from both sides!
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