loaning family money

[Bird]

A lot of people say to not loan to relatives, but I'd say it depends . . . on lots of things. I borrowed money from my parents twice in my lifetime; once when I needed the money and once when my Mother insisted on me buying a piece of property that I wouldn't have bought otherwise. And I know that both of my brothers borrowed money from our parents. But all 3 of us repaid the loans with at least the amount of interest we would have paid a bank, which of course was more than they would have drawn on their savings account.

But I also know that both of our sisters borrowed money from our parents and never paid any back.

And I've loaned a fair amount to one of our daughters to buy her son a pickup truck, and she repaid it, but without any interest.:laughing:

 

[k0ua]

I like this one. Smart idea.:thumbsup:

I still have the revolver from such a transaction about 20 years ago.. It is still my ..44 magnum. Either give him the money and never expect to see it again. A true gift, or do the collateral thing, and expect to keep the collateral. You are NEVER going to see that money again.

 

[k0ua]

after hearing that he hit you up before.

I'd say I didn't have it and avoid him. this isn't a 1 time deal.. it's a pattern... patterns repeat...

Yep, and Yep, ending in the "large amount" and the avoiding you... Been there, done that, have a big ole T shirt.

 

[murphy1244]

Yep, and Yep, ending in the "large amount" and the avoiding you... Been there, done that, have a big ole T shirt.

Had a acquaintance that I loaned 20 bucks too and he avoided me since. Best 20 bucks I've spent.

 

[k0ua]

Had a acquaintance that I loaned 20 bucks too and he avoided me since. Best 20 bucks I've spent.

Well, pretty much the same here, but it was $275, and I haven't seen him in over 15 years. It is not all bad. Oh, and the handgun I got for the $200 loan was a Ruger Red Hawk in 5 inch .44 Magnum Stainless with Hogue Grips.. I came out good on that one.. As for the OP's Hi Point collateral, Well lets just say, I aint so sure you are on the winning end of that one.

 

[jerrybob]

It is one thing to be down on your luck due to circumstances beyond your control and another thing to expect others to pay for your irresponsible lifestyle. Your brother in law appears to be a looser who uses other people. Don't give him any money.

 

[Deere Dude]

If you feel like agonizing over this transaction for the next 5 years and then warning others for the next 20 years, go ahead.

I still recall a meaningless transaction when I was 20 years old. I loaned a close friend $35 and for collateral I got his car battery which I did not want but was worth $25. I think in the end he considered it a fair trade and never intended to get the battery back. Of course I hounded him for years every few months and he may have slipped me a five or so. He did have a good job but I had stupid written on my forehead. It wasn't worth the agonizing over it. But we remained friends anyway.

I have a brother who was hitting up my sister for money to keep the loan sharks off him and cost about $10.000. He could go and buy guns, motorcycles (big harleys),4 wheelers, log-splitters etc and never dream of giving the money back. My sister finally after she wiggled some inheritance money out of him. She was lucky.

Some people are not to be trusted and need to be in the gutter.

 

[Soundguy]

Well, pretty much the same here, but it was $275, and I haven't seen him in over 15 years. It is not all bad. Oh, and the handgun I got for the $200 loan was a Ruger Red Hawk in 5 inch .44 Magnum Stainless with Hogue Grips.. I came out good on that one.. As for the OP's Hi Point collateral, Well lets just say, I aint so sure you are on the winning end of that one.

Agreed. While it is a general rule that most guns appreciate, a 160$ hi point pistol is at the top of its game new, and doesn't have much upward mobility possibilities.

If I had 160$ I had to invest into a gun, and expect a return on investment, it would be some old milsurp boltgun. Hold onto a 150$ Turk mauser for 20 years and they will go up. I remember when they were 49$.. ...

 

[PILOON]

It is like lending tools.

I don't mind as long as they are not abused and returned promptly in same condition.
My black list gets longer all the time as I always give a first chance.

 

[Soundguy]

Not to go off topic bit I have a tool loaning story (saga?)

I used to hit estate sales, flea markets, yard sales, pawn shops closing or doing spring cleaning. Was easy to buy coffee cans of sockets for a dollar, etc. Paki/indo/china tools, but they worked. Back before harbor freight, I could put together a tool box using a 2-3$ surplus 50cal ammo can and about 5$ in tools. Thus an investment of 7-8$ on average. Kit would have a set of sae and metric sockets, some wrenches, couple screwdrivers, pliers and and adjustable wrench or some similar setup.

I'd make up these sets and keep 2-3 available in the garage. Anytime someone asked to borrow a tool, I'd go get them a box, stick a bow on it and tell em it was their lucky day

Been over a decade since I stopped doing that. Harbor freight sells 3$ socket kits, or 30$ plastic cased multi tool kits etc.

I still have a half coffee can of asstd sockets left over and a couple Mixmaster sets in ziplocks in my work bench. My Las full ammo box lit I stuck in my farm truck.

Figure if I'm gonna lose a tool in the dirt on the farm it might as well be a 1 cent Pakistan socket from 1970 instead of something better