This week, I made a personal loan to a couple that we have known for almost 10 years. As a matter of fact, we built their home.
They called us about buying a piece of property that they own, but we really were not interested. The property is designed for a high end home and if and when we build a spec house again, it will be a small house.
They wanted to sell, so they could buy another piece of property, so I offered to be their "banker" I loaned the money to them at 4% interest, which is double what I can get at the bank. It is a good deal for them too, cause they can't get a 4% loan at the bank.
The couple is retired and I don't know what his pension is, but he once told me that he gets six figures! That is more than we make. Plus he gets about the top social security. So I am not too worried about them making the payments.
Since this is a new source of monthly income, I am going to start adding the interest only, to my $20 challenge next month.
The braves won 5 games in a row, so I am adding that to the challenge today.
Prev. total $9237.00
today 5.00
new total $9242.00
Personal loan!
May 23rd, 2010 at 09:25 pm
May 24th, 2010 at 03:09 am 1274670548
May 24th, 2010 at 08:11 am 1274688662
May 24th, 2010 at 09:21 pm 1274736065
May 25th, 2010 at 02:01 am 1274752915