He loans money to people who OWN a house or piece of land in MEXICO who are financially cash strapped. He was explaining to me that he loans them the money up to 35% interest and usually loans them more than he believes they could pay back with a secure lien on the land title, but less than the property is worth (So he can extract his profit) The home/land owners are uaully unable to repay the debt and he forecloses and takes the house, resells it on the market and makes a tidy profit. There is some remodeling involved because most of the homes are in terrible condition.. He calls it "Flip that house" He has shown me the books he keeps and he is making over $100K ONLY on this business alone!! He wants me to help remodel and prepare the home and deal with the locals there since I speak spanish fluently. He has also come up with another idea for loaning money on Credit Cards (CC) the interest would be high as well on them..Any input on this? Is it a good way to make a quick buck?
2006-12-26 04:19:00 · 14 answers · asked by Anonymous in Politics & Government ➔ Immigration
Seems like a good idea as long as you are not putting a HUGE investment yourself. Remember books can be doctored, and you would not be the first "friend" to be cheated on.
2006-12-26 04:22:34 · answer #1 · answered by Big C 6 · 2⤊ 1⤋
As an American citizen, be careful of business in Mexico because some deals require you be a naturalized Mexican citizen. If you trust your friend, make that money.
2006-12-26 12:55:39 · answer #2 · answered by Billy Dee 7 · 1⤊ 0⤋
It seems to me that 35 % interest is illegal.I wouldn't put a dime into this blood sucking business.Also "Flip This House" is already a TV show .But its legal the way they do it.I think he could get shut down for racketeering across international borders .And I would bet my business that its illegal in this country to do what he is doing.
2006-12-26 13:00:56 · answer #3 · answered by Yakuza 7 · 0⤊ 1⤋
Dude, you KNOW this is wrong. Capitalizing off of someones despair, and even worse ACTUALLY driving them into deeper debt!!!?????
Come on you can do better than that, wait a month or two another opportunity will come up.
Besides they were actually discussing this issue on NPR last week, and your friend is probably being monitored by two government agencies by now so tell him to cut and run.
2006-12-26 12:33:28 · answer #4 · answered by Soundjata 5 · 0⤊ 2⤋
Have you you ever seen the inside of a Mexican prison? Predatory practices in Mexico can get you disappeared.
2006-12-26 14:36:52 · answer #5 · answered by Anonymous · 2⤊ 1⤋
I think he's a loan shark, or close enough, and you'd be well-served to distance yourself from this guy AND his shady operation...
2006-12-26 13:52:34 · answer #6 · answered by gokart121 6 · 0⤊ 0⤋
I read about that. You're basically praying off the ignorance of non-english speaking people. how would you like it if your bank did that to you?
Oh wait, it's called an adjustable rate mortage.
2006-12-26 12:31:16 · answer #7 · answered by Anonymous · 2⤊ 1⤋
My gut instinct says, 'stay away". This business plan stinks of low integrity and morals. Think about it - it would be illegal to do this in America and for good reason. Plain wrong.
2006-12-26 12:33:13 · answer #8 · answered by Beverly (Bea) 4 · 0⤊ 2⤋
It may be legal, but it is definitely exploiting the poor and desperate. If your conscience will let you, go ahead!
2006-12-26 12:33:49 · answer #9 · answered by AnnieD 4 · 1⤊ 1⤋
yes ,but is it right or wrong,,,can you lay down at night knowing this and fell good about it and your self,,,what if it was your house ,,,was it the right thing to do ,,,,some thing to think about
2006-12-26 13:01:22 · answer #10 · answered by yome 3 · 0⤊ 1⤋