Peer 2 Peer Real Estate Show: The Art of Getting Screwed by Co-Signing.
This is a subject I wanted to talk about for a long time, but I kept hesitating because of the people involved,–family, & former friend.
But this is something that is important not only for me, but for others who have felt at times stressed out because they didn’t want to put their credit in someone else’s hand. I can speak from experience, and I felt that I had to get this story out, not all partnerships are great.
With family, I got the promise, “they will pay me back”, been waiting 10 years! and with that former friend, who said ” I got your back” 5 years later and just some payments made.
Before you co-sign, or partner with someone, get to know them, if they are in a rush to partner up, wait!! don’t be in a hurry to partner up without knowing them from A to Z.
There are people out there like myself who trusted, and it backfired. The key to business in my opinion, is become more self reliant, hire out the tasks you feel you can’t do yourself.
Pro of Co-Signing
* Helping someone out
* Can improve your credit score
* Feel good that you helped .
Cons of Co-Signing
^ Mercy of the person you signed for
* The economy can crash, or loss of Job
^ Can hurt your credit score if you are above the threshold of 30%
* You are responsible for paying the debt
* Relationships can end
* Can affect you if you want to get a loan or apply for a rental
* If you are compelled to co-sign, see if you can get some type of collateral
* Have reserves
* Book I recommend
What every real estate investor needs to know about cash flow…. Frank Gallinelli
Vital Links
https://www.moneymanagement.org/
https://www.mint.com/brokerages/
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www.facebook.com/peer2peerrealestate
https://www.linkedin.com/in/williemor…
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