Quote:
Originally Posted by albertGQ
Yeah, I guess he is. That is legal right?
Why do you say its not prudent?
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Well I am just basing this on my preconceptions (I haven't read the contract or anything like that). Basically though there is a reason that these people have to go through someone else to get the mortgage, right? They are likely paying an extra one-two percent and can't qualify for a standard mortgage...maybe its the money down, but maybe its a credit issue.
Instead though, your buddy puts his credit on the line. Maybe these people don't make payments, or maybe they make late payments. Next thing you know your buddy either owns a house and
needs to sell. Or his credit is worse off.
I don't know....just to make $5k? Seriously he could borrow that money and put it in a savings account and make that same amount of money, but with no risk.