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now i wait

T

TechBoyJK

Lifer
I have a rich uncle.. well he's more like a godfather.. Not legally related, but he raised my stepdad. I grew up calling him uncle lou.

Anyways, I have a startup company I'm working on, and I've been putting off raising money so I could focus on development. So I've been going broke in hopes I could finish coding, etc. before I totally went absolutely broke so I could have more leverage to raise cash..

The guy has loaned me $20,000 before, and I paid him back within 4 months. I just talked to him again, and basically said he didn't have alot of free cash, because he just spent $230k on his quarterly income tax returns, had to fix alot of his construction equipment, etc.. He has most of his money in real estate, so while he is worth millions, I can understand him not having millions in a checking account.

We talked for about an hour, where he said he thinks I'm smart, etc. but he's not 100% confident he can trust me with that kind of cash. I told him he'd be my hero, etc. and regardless of how he feels, he should look at the fact that the last time he loaned me the cash I did pay him back asap. The call concluded with him saying he had to go to a meeting about some land, and that when he got back, he would look over his finances and see what he could do for me.

keeps fingers crossed.
 
hrmmm, it's a shit ton of money, you should offer some kind of return...he is making a huge deposit, why not turn it into an opportunity for him?

Also, how profitable is the idea, has it been done before, is it high risk?


You should keep this in mind before borrowing money from people, especially family members. 😛
 
Originally posted by: TehMac
hrmmm, it's a shit ton of money, you should offer some kind of return...he is making a huge deposit, why not turn it into an opportunity for him?
Click to expand...

Oh I did. He'd be buying equity in the startup company I need the money for. He's very supportive, not just with money.
 
Originally posted by: TehMac
hrmmm, it's a shit ton of money, you should offer some kind of return...he is making a huge deposit, why not turn it into an opportunity for him?
Click to expand...

He says the same thing, that even though he's got the money, he hates loaning/giving it to family members because if they can't pay it back, it makes things really awkward.

He told me he could wipe his ass with $50,000 and not lose any sleep. I think he's worth close to $100million. He bought up a bunch of abandoned railroad paths across the country back in the late 70's and sold them to telecom companies for fiber paths. He's donated over $1million to his favorite charity, several times. (as in $1million checks).
 
if most of his $ in real estate, his worth has probably dropped substantially over past 1-2 years... may feel less generous?
anyway gl... personally i wouldnt want to borrow large sums from family members.. if something goes bad, might screw up relationship

edit: if he gives $1m at a time to charities.. yeah, don't see why he can't spare 50k 😵
 
Why should he lend you money? If you can pay back 20k in 4 months, why do you need 50k? Do the same thing you did to earn that 20k. Even after his initial reluctance, you should've taken the hint. I'm sure he doesn't like being put on the spot like that. Its pretty unfair to close friends/family.
 
Originally posted by: God Mode
Why should he lend you money? If you can pay back 20k in 4 months, why do you need 50k? Do the same thing you did to earn that 20k. Even after his initial reluctance, you should've taken the hint. I'm sure he doesn't like being put on the spot like that. Its pretty unfair to close friends/family.
Click to expand...

He's lent it before. I'm trying to finish a project that I need to raise closer to $400,000 for, but I need the $50,000 to finish some core development that will give me substantially more leverage to work a deal for the larger money. I ask him because he tells me that he can wipe his ass with $50,000.
 
Originally posted by: TechBoyJK
Originally posted by: TehMac
hrmmm, it's a shit ton of money, you should offer some kind of return...he is making a huge deposit, why not turn it into an opportunity for him?
Click to expand...

He says the same thing, that even though he's got the money, he hates loaning/giving it to family members because if they can't pay it back, it makes things really awkward.

He told me he could wipe his ass with $50,000 and not lose any sleep. I think he's worth close to $100million. He bought up a bunch of abandoned railroad paths across the country back in the late 70's and sold them to telecom companies for fiber paths. He's donated over $1million to his favorite charity, several times. (as in $1million checks).
Click to expand...

I've had clients like this guy. He's probably a lot more talk than he is substance TBH. Especially in the current housing market (particularly in the States), where his net worth would have declined significantly.
 
Originally posted by: nick1985
Just go to a payday loan place to get some cash for your startup.
Click to expand...

This is why I asked him now. I'm just totally broke. I can afford myself (rent, car payment, etc) but I can't continue dumping what money I have into this project since it's not generating revenue yet. Last year, at my job was good. I have a base salary and earn commissions on sales. I was pulling down $3-$5k per month easy. Then the ecomony tanked, and we were directly affected. I literally did more sales in September than all of January through August combined. I had savings.. then spent it trying to stay above water this year.

With the $50,000, I can get much needed hardware, services, etc. along with seperate the expenses away from my regular income. I've taken things as far as I can without additional support.
 
Originally posted by: Mike Gayner
Originally posted by: TechBoyJK
Originally posted by: TehMac
hrmmm, it's a shit ton of money, you should offer some kind of return...he is making a huge deposit, why not turn it into an opportunity for him?
Click to expand...

He says the same thing, that even though he's got the money, he hates loaning/giving it to family members because if they can't pay it back, it makes things really awkward.

He told me he could wipe his ass with $50,000 and not lose any sleep. I think he's worth close to $100million. He bought up a bunch of abandoned railroad paths across the country back in the late 70's and sold them to telecom companies for fiber paths. He's donated over $1million to his favorite charity, several times. (as in $1million checks).
Click to expand...

I've had clients like this guy. He's probably a lot more talk than he is substance TBH. Especially in the current housing market (particularly in the States), where his net worth would have declined significantly.
Click to expand...

Oh yea, he's bitched about it, but most of his real estate is in commercial properties and long term leases.

 
Originally posted by: TechBoyJK
Originally posted by: TehMac
hrmmm, it's a shit ton of money, you should offer some kind of return...he is making a huge deposit, why not turn it into an opportunity for him?
Click to expand...

Oh I did. He'd be buying equity in the startup company I need the money for. He's very supportive, not just with money.
Click to expand...

preferred stock son!!
 
Originally posted by: TechBoyJK
Originally posted by: Mike Gayner
Originally posted by: TechBoyJK
Originally posted by: TehMac
hrmmm, it's a shit ton of money, you should offer some kind of return...he is making a huge deposit, why not turn it into an opportunity for him?
Click to expand...

He says the same thing, that even though he's got the money, he hates loaning/giving it to family members because if they can't pay it back, it makes things really awkward.

He told me he could wipe his ass with $50,000 and not lose any sleep. I think he's worth close to $100million. He bought up a bunch of abandoned railroad paths across the country back in the late 70's and sold them to telecom companies for fiber paths. He's donated over $1million to his favorite charity, several times. (as in $1million checks).
Click to expand...

I've had clients like this guy. He's probably a lot more talk than he is substance TBH. Especially in the current housing market (particularly in the States), where his net worth would have declined significantly.
Click to expand...

Oh yea, he's bitched about it, but most of his real estate is in commercial properties and long term leases.
Click to expand...

Which you know are getting absolutely demolished. I agree with the assessment, he probably doesn't have as much money as he makes it sound. The louder people are about their wealth, the less of it they usually have.
 
Originally posted by: BeauJangles
Originally posted by: TechBoyJK
Originally posted by: Mike Gayner
Originally posted by: TechBoyJK
Originally posted by: TehMac
hrmmm, it's a shit ton of money, you should offer some kind of return...he is making a huge deposit, why not turn it into an opportunity for him?
Click to expand...

He says the same thing, that even though he's got the money, he hates loaning/giving it to family members because if they can't pay it back, it makes things really awkward.

He told me he could wipe his ass with $50,000 and not lose any sleep. I think he's worth close to $100million. He bought up a bunch of abandoned railroad paths across the country back in the late 70's and sold them to telecom companies for fiber paths. He's donated over $1million to his favorite charity, several times. (as in $1million checks).
Click to expand...

I've had clients like this guy. He's probably a lot more talk than he is substance TBH. Especially in the current housing market (particularly in the States), where his net worth would have declined significantly.
Click to expand...

Oh yea, he's bitched about it, but most of his real estate is in commercial properties and long term leases.
Click to expand...

Which you know are getting absolutely demolished. I agree with the assessment, he probably doesn't have as much money as he makes it sound. The louder people are about their wealth, the less of it they usually have.
Click to expand...

Well, he told me the "wipe my ass with $50k" thing like 8 years ago. But I know that he recently sold his golf course and several hundred acres around it to a home developer that wants to build a gated golf community. I think he got close to $20million for it all.

 
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