A friend of my who I have been in involved with many types of business has asked me if I want to invest into buying homes in Mexico. Now how it would work he told me that he loans money to the people who are financially strapped for cash that ONLY have a home and property and own it themselves/ What he has done is to loan them money at up to 35% interest with a title of their land/house as a way to secure the loan. Most can never pay back the loan as he loans them more than many are capable of earning. After a period of time he takes the house and has been selling them for a profit. The laws in Mexico are very loose on loans and there is a huge market and a LOT of $$ to be made. My question is should I invest in this? He has been making over $100K ONLY off this business and it is just a side business.
2006-12-25 16:03:21 · 8 answers · asked by Anonymous in Society & Culture ➔ Other - Society & Culture
He does a similar thing on tax liens in the USA on homes and make a lot of $$$ on them..
2006-12-25 16:08:29 · update #1
The other part I also left out is another idea he has on credit cards. He would do a similar program on CC there as well..I noticed a LOT of American companies are investing in CC there in latin america as well..it seems from my limited research to be a HUGE market..
2006-12-25 16:32:35 · update #2
Sure if you like to be in a shady business such as that.
2006-12-25 16:06:23 · answer #1 · answered by wondering 1 · 1⤊ 0⤋
You already know the answer to this question! You are NOT on the right side of this venture. Also, your friend will be quagmired in slow Mexican court proceedings, will likely be in grave physical danger, and as you already know, this venture is morally bankrupt. You can make money in so many other fine ways where the mirror is your friend. Think it over.
2006-12-25 16:09:40 · answer #2 · answered by mountain woman 3 · 1⤊ 1⤋
Roberto: Your idea makes me very sad. Perhaps you could adjust your idea to find a way to help the destitute. You could present answers which are more helpful than the rest of those that prey on the poor. But you have to make your own choices.
2006-12-25 19:48:44 · answer #3 · answered by kurt w 1 · 1⤊ 0⤋
Well, I would think that if he is hauling in 100k on a side business, he wouldn't really need an investor, would he?
I would check on the Mexican laws, and check my ethics also.
Might be a hard job to stomach.
2006-12-25 16:14:13 · answer #4 · answered by metoo 7 · 1⤊ 1⤋
It's immoral, even if it's legal. How would you sleep at night? There are better ways to make money.
If you want to invest in it, though, I'd ask to see his financials, and his tax statements, and see if he's reporting his income to the government. If he's not, you can report him and get up to 15% of what he owes them!!! If he's willing to cheat people, he should at least be paying taxes on it, right?
2006-12-25 16:11:53 · answer #5 · answered by Katherine W 7 · 1⤊ 1⤋
First have a look at Mexican laws....and the way the business looks, its a shady one....If you have god values...Don't go for it. Also its a cheating....
2006-12-25 18:56:23 · answer #6 · answered by just_like_that 3 · 1⤊ 0⤋
No dude!! some morals wouldn't hurt
2006-12-25 16:06:23 · answer #7 · answered by w0nd3ring2 2 · 0⤊ 1⤋
I WONDER HOW LONG IT'S GOING TO TAKE BEFORE SOMEONE TAKES YOUR FRIEND FOR A ONE WAY RIDE IN THE DESERT ???
2006-12-25 16:14:25 · answer #8 · answered by anita apple 1 · 1⤊ 1⤋