Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 08-29-2017, 10:09 AM   #41
Dryer sheet wannabe
 
Join Date: Aug 2017
Posts: 19
Quote:
Originally Posted by Jeffman52 View Post
+1



I have a solid no co-sign, no loan policy.


+1
What he said.
Underlined, in bold font, in italics and quotation marks.
__________________

__________________
imokurok is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 08-29-2017, 10:35 AM   #42
Full time employment: Posting here.
Sojourner's Avatar
 
Join Date: Jan 2012
Posts: 726
Quote:
Originally Posted by jollystomper View Post
Run away screaming into the night from any thought of co-signing this loan.
Very funny... and sound advice, to boot!

Quote:
Originally Posted by Aerides View Post
Co-signing isn't even as good a risk as a gift - a gift I know I'm at zero. A co-sign means I could have credit damage before I know what's happening. Can't write a check to make that go away.
Yes, I've read several articles that mention credit damage as a huge risk to anyone co-signing a loan. I think it could be mitigated by keeping very careful track of the loan repayments and making sure they were always paid on time, but... do I really want to sign up for an ongoing hassle like that? One article I read said something like "The thing about being a co-signer is, the loan is effectively yours. You're taking on most of the risk while the principle borrower is receiving all the benefits."

The more I read about this, and the more feedback I get from you wonderful folks, the less I like the idea. I'm definitely not co-signing any loans for these people, regardless of how I feel about them personally or how much I'd like to see their business succeed.

Thanks again for all the great comments and advice!
__________________

__________________
Sojourner is offline   Reply With Quote
Old 08-29-2017, 12:03 PM   #43
Dryer sheet aficionado
 
Join Date: Jun 2013
Posts: 42
Sounds like they need a ready made salesforce to get out there and move some product.

https://www.manaonline.org/
__________________
canuck5 is offline   Reply With Quote
Old 08-29-2017, 01:30 PM   #44
Full time employment: Posting here.
OldShooter's Avatar
 
Join Date: Mar 2017
Location: City
Posts: 873
Quote:
Originally Posted by canuck5 View Post
Sounds like they need a ready made salesforce to get out there and move some product.

https://www.manaonline.org/
Quote:
Originally Posted by aja8888 View Post
Ask if any of the principals if anyone has taken the Dale Carnegie Sales Training course.
Sorry. The old rule applies: To every complex problem there is a simple answer, usually wrong.

What they need is a sales culture, created and nurtured by a sales-oriented top manager or company president. A weekend charm school won't do it, and there is nothing that requires more selling effort than a bunch of independent reps.
__________________
OldShooter is offline   Reply With Quote
Old 08-29-2017, 04:54 PM   #45
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
kcowan's Avatar
 
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 5,627
Send a message via Skype™ to kcowan
I would also not do any unpaid work for them. Your time is worth big bucks. Don't give it away no matter how much you like these guys!
__________________
For the fun of it...Keith
kcowan is offline   Reply With Quote
Old 09-01-2017, 01:12 PM   #46
Recycles dryer sheets
 
Join Date: May 2013
Posts: 203
The only loan I'll ever consider co-signing is when my kiddos buy their first home(s). Aside from that, in G-d we trust; everyone else pays cash.
__________________
RenoJay is offline   Reply With Quote
Old 09-02-2017, 12:25 AM   #47
Thinks s/he gets paid by the post
Sunset's Avatar
 
Join Date: Jul 2014
Location: Chicago
Posts: 4,596
Quote:
Originally Posted by Sojourner View Post
......
Yes, I've read several articles that mention credit damage as a huge risk to anyone co-signing a loan. I think it could be mitigated by keeping very careful track of the loan repayments and making sure they were always paid on time, .....
Problem is the only way to make sure the loan is paid on time is for you to pay it, what else would you do if they claim no cash on payment day, other than pay it yourself.

Co-signing a loan is almost always a bad bad idea.
__________________
Sunset is offline   Reply With Quote
Old 09-02-2017, 04:53 PM   #48
Recycles dryer sheets
 
Join Date: Jul 2017
Location: Long Island
Posts: 165
Under what circumstances would I co-sign a loan (under those circumstances) - it would have to involve threats upon my person with a lethal weapon. Seriously, they can give you a stake in the ownership for your services, but they are asking WAY too much of you - co-signing a loan. NO, NO, NO!!!
__________________

__________________
MarieIG is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
What are the logistics of co-signing a loan? Khan FIRE and Money 13 01-10-2012 02:20 PM
Found 15 acres, loan to buy land, loan to build... how is it done? jIMOh FIRE and Money 17 11-05-2010 01:18 PM
Come say hi to ESRBob in California at a book signing ESRBob Other topics 23 03-21-2006 07:13 AM
Honkie Signing in and Saying Hi! Honkie Hi, I am... 6 06-27-2005 08:16 PM
Moguls Signing In moguls Hi, I am... 0 10-05-2002 07:56 AM

 

 
All times are GMT -6. The time now is 03:46 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.