Go Back  The Hull Truth - Boating and Fishing Forum > BOATING FORUMS > Dockside Chat
Reload this Page >

A friend's life is in shambles and I'm trying to help

Notices
Like Tree52Likes

A friend's life is in shambles and I'm trying to help

Old 08-19-2018, 05:39 AM
  #1  
Admirals ClubCaptains Club Member Admiral's Club Member
Thread Starter
 
Join Date: Apr 2007
Posts: 1,349
Default A friend's life is in shambles and I'm trying to help

Need some ideas.

He's 50, wife works (~$40k and benefits) and has two kids. He is a general contractor whose license is inactive because he crashed and burned during the Great Recession and has a bad reputation and two judgements against him of ~$150k each.

He "works" off the books as a handyman for some house flippers and gets an hourly wage and some % when they sell houses. His credit is shot and he has no savings.

He was able to buy a house a few years ago with owner financing that would sell quickly at around $400k - mortgage of ~$240k, plus he owes $40k to the city in back property taxes. An auction is set for early October.

I'm trying to advise him on what to do. He's trying to sell the house quickly with the idea that once the first mortgage and back taxes are paid he will "walk away" with ~$100k he can roll into a new house (and be protected from his creditors by FL laws) BUT he won't qualify for a mortgage and has no cash to move with.

If he doesn't roll the $100k into a new house then his creditors will likely grab it.

My ideas: Find a private lender to loan the back taxes to remove the pressure on the auction, OR find an investor to make a $280k mortgage to pay the first and the back taxes and be partners in the house. He lives in the house for some agreed upon "rent" which he pays through diminishing ownership in his portion of the equity, and with some agreed upon end date by which he has to move out.

It's a mess, I know. I'm trying to help this guy with ideas.

Any thoughts?
nicecast is offline  
Old 08-19-2018, 05:50 AM
  #2  
Admirals Club Admiral's Club Member
 
Join Date: Feb 2013
Location: Jensen Beach, FL
Posts: 990
Default

From what I read, the guy is a D-bag, screwed people over, didn't pay taxes and now you're trying to help him not do the responsible thing and pay everyone back? Sounds kind of messed up to me. I'm sure if you were one of the people that this contractor with a bad reputation screwed over, you'd think differently. And to top it off, he's still not paying taxes by working off the books. Seems like a great guy to help!
Pure Luck is offline  
Old 08-19-2018, 05:52 AM
  #3  
Admirals ClubCaptains Club Member Admiral's Club Member
Thread Starter
 
Join Date: Apr 2007
Posts: 1,349
Default

Originally Posted by Pure Luck View Post
From what I read, the guy is a D-bag, screwed people over, didn't pay taxes and now you're trying to help him not do the responsible thing and pay everyone back? Sounds kind of messed up to me. I'm sure if you were one of the people that this contractor with a bad reputation screwed over, you'd think differently. And to top it off, he's still not paying taxes by working off the books. Seems like a great guy to help!
Yup, I certainly can't argue with anything you said.

But he's a lifelong friend with two innocent kids so I"m trying to help (advise) him.
BOOMER likes this.
nicecast is offline  
Old 08-19-2018, 05:55 AM
  #4  
Admirals Club Admiral's Club Member
 
Fish'nFool's Avatar
 
Join Date: Mar 2009
Location: Anywhere but here...
Posts: 24,711
Default

If he has that much equity why not take out a home equity loan to pay off the back taxes? If his wife is on the mortgage she could apply under her credit. Perhaps the current mortgage holder would be willing assuming he has been a good borrower and made his mortgage payments on time.

in either case, if history is any indication of future performance then I suspect it will only be a temporary solution and he'll find himself back where he started eventually.
Beuford T. Justice likes this.
Fish'nFool is offline  
Old 08-19-2018, 05:56 AM
  #5  
Senior Member
 
Join Date: Oct 2002
Location: South of the North Pole
Posts: 697
Default

Have him rent a small apartment and pay the people back he stole from before buying anything but food.
If he can't do that. Walk away for the creep.
waybomb is offline  
Old 08-19-2018, 05:56 AM
  #6  
Admirals Club Admiral's Club Member
 
Join Date: Aug 2012
Posts: 5,417
Default

Originally Posted by nicecast View Post
Yup, I certainly can't argue with anything you said.

But he's a lifelong friend with two innocent kids so I"m trying to help (advise) him.
Lend him the tax money yourself. That slows it down. Never expect to see your $40k again. Then you can decide your level of sympathy with some skin in the game.
stringle and Gov23 like this.
chrispnet is offline  
Old 08-19-2018, 05:57 AM
  #7  
Senior MemberCaptains Club Member
 
Join Date: Jun 2005
Location: Connecticut
Posts: 8,776
Default

Lprizman and bigdave0924 like this.
richinct is offline  
Old 08-19-2018, 06:00 AM
  #8  
Senior Member
 
Join Date: Jul 2016
Posts: 253
Default

Ok Nice here ya go.
She files for divorce.
Gets house .kids.$ etc.
They start over .
Problem is if the wife wants to keep walkin .
Well just sayin.
Pass that popcorn sweetie
vincentdivincenzo is offline  
Old 08-19-2018, 06:03 AM
  #9  
Senior Member
 
Join Date: Feb 2016
Posts: 216
Default

So he screw two innocent people who trusted him out of $300k, "works" illegally as an unlicensed contractor, pays no taxes while doing so, owes back property taxes, and lives in a $400k house?? He is the problem in today's society and he's a complete POS. The wife should leave with the kids today. - they'll be better off.
r_ventura_23 likes this.

Last edited by Lucky69; 08-19-2018 at 06:57 AM.
Lucky69 is offline  
Old 08-19-2018, 06:03 AM
  #10  
Senior Member
 
Join Date: Aug 2016
Posts: 704
Default

So you are trying to find a lender who will loan money to a liar and cheat so they can be partners?
Great idea! I wouldn't give him anything including advice.
Sounds like my neighbor. He has a post office box to keep creditors from finding him and serving him with papers. Lives in a house owned by a third party. At some point Im convinced that he will cheat the elderly owner out of it.
Must be a miserable life constantly looking over his shoulder running from creditors.
Not sure how creditors keep finding him.
Re-Bait and r_ventura_23 like this.

Last edited by R Days; 08-19-2018 at 06:11 AM.
R Days is offline  
Old 08-19-2018, 06:06 AM
  #11  
Member
 
Join Date: Dec 2017
Posts: 37
Default

I am in the building industry. I see your friends kind all the time. He can not manage his finances. Nothing you can do for him at this point will help him. He’s a helpless person. Even though he is a friend, you will get screwed. It’s his MO. If his kids are your concern, help them directly and leave your buddy out of it.
Motorboater1983 is offline  
Old 08-19-2018, 06:10 AM
  #12  
Admirals ClubCaptains Club Member Admiral's Club Member
Thread Starter
 
Join Date: Apr 2007
Posts: 1,349
Default

Guys, I disagree with none of the negative things you are saying.

To add to the castigation... he smokes like a chimney and has a 6-12 pack/day beer habit. I pointed out to him yesterday that was $500-1k/mo right there!

The way I see it his "assets" are his equity in the house and a contractors license. I'm just trying to advise him on how best to use what he has to get to "bottom" in a way that keeps his kids fed and housed, and hopefully satisfies or partially satisfies his creditors.
nicecast is offline  
Old 08-19-2018, 06:16 AM
  #13  
Admirals Club Admiral's Club Member
 
Join Date: Feb 2011
Location: Right Coast of Florida/E.Tennessee
Posts: 6,426
Default

Become his legal guardian and do the right thing. Anything you do, or give him/them, should only be regarded as a gift... expect nothing in return.

Your dealing with an adult who's a child. He/they will screw everything up they touch , therefore they need constant adult supervision.
DavenFla is offline  
Old 08-19-2018, 06:16 AM
  #14  
Admirals Club Admiral's Club Member
 
Join Date: Aug 2012
Posts: 5,417
Default

Originally Posted by Motorboater1983 View Post
I am in the building industry. I see your friends kind all the time. He can not manage his finances. Nothing you can do for him at this point will help him. He’s a helpless person. Even though he is a friend, you will get screwed. It’s his MO. If his kids are your concern, help them directly and leave your buddy out of it.
This. Been there multiple times and opened the checkbook multiple times.
You won’t fix the guy, but you can help the kids.
chrispnet is offline  
Old 08-19-2018, 06:20 AM
  #15  
Admirals Club Admiral's Club Member
THT sponsor
 
Join Date: Jul 2010
Location: On the Flats
Posts: 7,220
Default

Originally Posted by nicecast View Post
Guys, I disagree with none of the negative things you are saying.

To add to the castigation... he smokes like a chimney and has a 6-12 pack/day beer habit. I pointed out to him yesterday that was $500-1k/mo right there!

The way I see it his "assets" are his equity in the house and a contractors license. I'm just trying to advise him on how best to use what he has to get to "bottom" in a way that keeps his kids fed and housed, and hopefully satisfies or partially satisfies his creditors.
Your a good friend for trying to help him out. But honestly, until he decides to change stop drinking and clean his act up anyone loaning or giving him money is just pissing in the wind and enabling the guy.

Help him stop drinking first otherwise my guess is his demise is just delayed with saving a house.
Flatout71 is offline  
Old 08-19-2018, 06:27 AM
  #16  
Admirals ClubCaptains Club Member Admiral's Club Member
 
Join Date: Oct 2002
Location: anderson, sc
Posts: 18,568
Default

Originally Posted by Pure Luck View Post
From what I read, the guy is a D-bag, screwed people over, didn't pay taxes and now you're trying to help him not do the responsible thing and pay everyone back? Sounds kind of messed up to me. I'm sure if you were one of the people that this contractor with a bad reputation screwed over, you'd think differently. And to top it off, he's still not paying taxes by working off the books. Seems like a great guy to help!

I have to take this stance as well, maybe his kids will learn how NOT to be an adult

See this more than I like, folks live large “Off the books” but in all honesty do not have a pot to piss in when it is said and done. Sad thing is I have seen a couple of these guys drop over dead and then the poor wife is REALLY SHOCKED.

Looks like they will be finding some where to rent if you ask me or another Owner financed home
tprice is offline  
Old 08-19-2018, 06:28 AM
  #17  
Senior Member
 
Join Date: Jan 2016
Location: Southeast Ct.
Posts: 838
Default

He made his bed and should lie in it. The kids won't starve.
tprice and kinnakeettom like this.
Gullpt is offline  
Old 08-19-2018, 06:28 AM
  #18  
Senior Member
 
Lprizman's Avatar
 
Join Date: May 2009
Location: RI
Posts: 5,530
Default

Walk away...until he stops drinkin he is a bad bad barnacle - a person with a addictive habit will sink you.

Tell him and that's why you are putting him on hold - not leaving

" take back your life - then I will help "
Lprizman is offline  
Old 08-19-2018, 06:30 AM
  #19  
Senior Member
 
Join Date: Mar 2011
Location: Cape Fear, NC
Posts: 11,511
Default

Originally Posted by richinct View Post
!
back at it is offline  
Old 08-19-2018, 06:32 AM
  #20  
Senior Member
 
Join Date: Oct 2009
Location: One bridge south of Clearwater Beach
Posts: 1,099
Default

Where is the house located? Who has determined the $400k value? I have ideas/resources and could help, but only under the right circumstances.
Diverboy is online now  

Thread Tools
Search this Thread