Borrowing money from family

[Rolf Latham]

Haha - yeah Phil, who's going to explain to my pugs that there won't be any bones on the table this month

Just jokes!

Whether it's this one or the next - I'm sure I'll be helping Phil out with a loan at some point.

Phil - good luck explaining the offset scenario to the Dutch in-laws. I wouldn't even know where to start with my German ones

Cheers

Jamie

Ach, dass offset ist doch kein problem Jamie Dass stimmt wierklich

Not only will Phil do his next transaction with you , but phil has many friends, colleagues and family.

Many brokers provide good quality Intellectual property without an apparent obvious immediate return.

The law of the farm as Jim Rohm would say.............

Or as a top end Network Marketer reminded me, any dill can count the seeds in an apple, but no one can count the apples in ONE seed.

ta
rolf

 

[devank]

I know a person who got parents (may be from super) for their property and paying them fixed 6% in cash.

Parents get tax free income.
Borrower will have larger borrowing capacity in the future and also paying less interest.

 

[Peter_Tersteeg]

I know a person who got parents (may be from super) for their property and paying them fixed 6% in cash.

Parents get tax free income.
Borrower will have larger borrowing capacity in the future and also paying less interest.

I understand what they're doing, but if the parents are being paid 6%, the income shouldn't be tax free. If the parents are being paid interest, in most cases they'll need to pay tax on it (if they don't declare cash, it's their choice). Here's hoping they don't get caught.

Additionally the borrowers should declare the debt in the future so it technically should reduce their borrowing capacity like any other debt. If they got into financial trouble in the future the circumstances would be investigated and they'd get very little sympathy from anyone. Additionally the parents would be the last people in line to get their money back.

 

[Jamie M]

Ach, dass offset ist doch kein problem Jamie Dass stimmt wierklich

Ja ja, ich liebe eine gute offset account.

Tschuss

Jamie

 

[heidi]

Never mix business with family.

 

[Rolf Latham]

Never mix business with family.

family business

ta
rolf