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JAVCCS

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Guys I have a question for you, at this moment I do not have a developed idea in which I can start taking action, I am in that process looking for ideas. But am about to receive between 15k - 20k in a lump sum.

what do you recommend me? pay all my debts that are about 22k in total. or continue paying the minimum and use the money as capital for a future project that should start in a short time
 

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Samix

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Guys I have a question for you, at this moment I do not have a developed idea in which I can start taking action, I am in that process looking for ideas. But am about to receive between 15k - 20k in a lump sum.

what do you recommend me? pay all my debts that are about 22k in total. or continue paying the minimum and use the money as capital for a future project that should start in a short time
That was very little info. I'd suggest keeping 5k aside for projects and paying down debt with the rest. It does depend on the debt type and associated rates though.
 
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JAVCCS

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That was very little info. I'd suggest keeping 5k aside for projects and paying down debt with the rest. It does depend on the debt type and associated rates though.
It is true samix, well in detail is:
-$378 is a fixed payment every month. the principal is 13k
-5k loan from a friend no interest
-2k I owe to the IRS
 

Suzanne Bazemore

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I would definitely pay the friend and the IRS. Is the other loan a car loan? I agree with @Samix and keep a little in reserve, even if not a whole $5000, and use it for an emergency fund. I would use the freedom from the other debts to double down on the fixed payment debt, and make sure they know that you want the additional money applied to the principal and that there is no penalty for early payment.
 

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Put 100% to loans. Guaranteed positive outcome.

Keeping money when you don't have a clue what to do with it? It'll be too tempting to waste it.
 

Suzanne Bazemore

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Put 100% to loans. Guaranteed positive outcome.

Keeping money when you don't have a clue what to do with it? It'll be too tempting to waste it.
The reason I suggested keeping some is because I was thinking since he borrowed money from a friend, he probably doesn't have money for emergencies, like new tires. If he has to borrow for that, the interest would be higher than a fixed interest loan, which might be at a good APR. That said, I woudn't keep very much. Also, I don't know what the borrowing rate was on that loan.
@JAVCCS , what is the APR, if you don't mind saying?
 

minivanman

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Put 100% to loans. Guaranteed positive outcome.

Keeping money when you don't have a clue what to do with it? It'll be too tempting to waste it.
And without any loan payments, just think of how soon you will have $20,000+ saved and by that time you might have a direction of where you want to go. Pay off those loans, don't go back in to debt, work 80+ hours a week and before you know it, you will have way more than $20,000 saved. Then you can cut back to 60 hours a week, work on a business and stay out of debt. Should be simple..... I can say that because I used to work 120 hours a week.
 
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JAVCCS

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The reason I suggested keeping some is because I was thinking since he borrowed money from a friend, he probably doesn't have money for emergencies, like new tires. If he has to borrow for that, the interest would be higher than a fixed interest loan, which might be at a good APR. That said, I woudn't keep very much. Also, I don't know what the borrowing rate was on that loan.
@JAVCCS , what is the APR, if you don't mind saying?
Suzanne It is a loan that I used to consolidate the debts because the interest I paid was very high due to the low credit history more than 28% interest revolving, practically what I paid was the interest only. Now it's 23% fixed. The truth is I don’t have many options, all this for a bad business in a franchise.

This was my first business in this country, where I lost my capital and the liquidity I had saved.
 
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JAVCCS

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23%??

You gotta pay that off man, that's terrible.

No brainer.
Yes man I know, one of the options I was evaluating was investing in a multi-family home together with my parents, putting 50% and 50% of the down payment. If it happens it would be ideal because the return on investment would be immediate and in 10 months I would be payind the loan and I would have that extra income of $ 1500 per month. But we will see
 

AlexFS

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I would consolidate my debt. For high interest debt I would pay it all down. For the friends, talk to him or her and work out some payment plan assuming you are in a tough financial spot, see how long of repayment scheme your friend is okay with. Also are you 100% the extra income would be immediate, what if there are problems or you need to spend money on unexpected repairs, etc. Do the math. You definitely don't want to get into more debt.
 

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Suzanne Bazemore

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I would consolidate my debt. For high interest debt I would pay it all down. For the friends, talk to him or her and work out some payment plan assuming you are in a tough financial spot, see how long of repayment scheme your friend is okay with. Also are you 100% the extra income would be immediate, what if there are problems or you need to spend money on unexpected repairs, etc. Do the math. You definitely don't want to get into more debt.
I wouldn't put off a friend. I would pay them first, even though their loan was no interest. They were probably trying to help @JAVCCS out of a tough spot, and that type of friend doesn't deserve to be put on the back burner.

Also, @JAVCCS, I think you might consider evaluating your lifestyle to prevent yourself from falling back into the same pattern. It sounds like you had debt problems, consolidated, then borrowed money from a friend? Also, if the APR is 23% then I think until you pay it off that it will negate any profit from an investment. Of course, we don't know all your numbers, but I don't think you are in a position to take on a property. However, I am a financially conservative person who hates debt. I realize that a property investment might be a good debt. I want to do that myself, but, again, the risk of your debt at 23% overshadowing your ROI is too great, in my opinion.
 

Bekit

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I think it's relevant to note that OP came from Venezuela to the US (?) five years ago and has experienced a few ups and downs on the way to getting his feet underneath him. That changes the scenario a bit for me, as now it makes sense why you're paying such horrendous interest on your loans.

[OP's intro thread...]
Hi guys, I'm from Venezuela 37 years old, I have 5 years in this country. When I arrive I buy a franchise and in less than two years I lost everything. At this moment I do an MLM in which I am about 3 years old but I do not see the progress. I started reading TMF a week ago, I finished it yesterday and started reading UNSCRIPTED and I was very impressed, I think that for the average I read a lot of books, on average one book a week and the truth is that I never had crossed with a book like this. It's like seeing the light.

I am very clear that I do not want to sell my time, in fact, I do not do it since I do not have a fixed or part-time job, but I really have not achieved monetary stability, in fact I have debts around 22k.

I hope to get in this forum the necessary tools to achieve my goal to develop a system that provides me with liquidity and freedom.

Thanks MJ DeMarco.
@JAVCCS First of all, let me say how glad I am that you got out of Venezuela. Wow. You must have had a wild ride. If you still have family and friends back home, your heart must just be bleeding for them. I keep hearing stories of how bad everything has gotten. Lo siento mucho lo que está pasando en tu país.

Yes man I know, one of the options I was evaluating was investing in a multi-family home together with my parents, putting 50% and 50% of the down payment.
When I read the beginning of this thread, I was like, "NO WAY!!! Pay off the debt, no brainer." BUT - I hear you on the attractiveness of going in on the multi-family home using this money as a down payment.

So just to clarify, here's what I'm understanding. Is this correct?

Option 1: Keep the debt for now and use the money for a down payment on a multi-family property. You'll get an immediate income of $1500/month and use that to pay the debt off in 10 months. Even if you don't get it paid off in 10 months, you'll have what it takes to cover the $378/month, and you can gradually pay your friend and the IRS. You'd live in one of the units, I assume, so you'd reduce your housing expenses while bringing in rent money from the other units.

Option 2: Pay off the debt and miss out on the chance to get the home. You start at zero with no safety net and have to work your way back up to stability, while paying rent the whole time.

Man, if I were in your shoes, I sure would be tempted to go with Option 1.

This may be short-term thinking on my part. Does anyone see a downside?

Questions if you go with Option 1...
  • You say it will bring you an immediate $1500 a month. Is that $1500 above and beyond your portion of the mortgage payment on the property? Or does your mortgage have to come out of that?
  • How much of a risk is there that you might lose one or more renters? If this were to happen and you couldn't fill the spots, could that be catastrophic to your finances? If so, you'd be deeper in debt PLUS risking losing the property. Is that a big risk or a small one? Depends on the housing market in your area.
 
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JAVCCS

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Jan 25, 2019
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I wouldn't put off a friend. I would pay them first, even though their loan was no interest. They were probably trying to help @JAVCCS out of a tough spot, and that type of friend doesn't deserve to be put on the back burner.
Suzanne my top# 1 priority is to pay my friend, because he help me in a very hard time. Pay him his 5k it is not an option.


Also said:
@JAVCCS[/USER], I think you might consider evaluating your lifestyle to prevent yourself from falling back into the same pattern. It sounds like you had debt problems, consolidated, then borrowed money from a friend? Also, if the APR is 23% then I think until you pay it off that it will negate any profit from an investment. Of course, we don't know all your numbers, but I don't think you are in a position to take on a property. However, I am a financially conservative person who hates debt. I realize that a property investment might be a good debt. I want to do that myself, but, again, the risk of your debt at 23% overshadowing your ROI is too great, in my opinion.
At this moment my lifestyle is totally conservative, and I have learned several lessons these 5 years that I have in the states. This debt is not for luxuries or anything like that, it was a necessary sacrifice not to lose the franchise and with it more than 300k invested. I was able to sell it and with what I received I paid 80% of the debts that were left pending, if I had not done that I would have more than 100k in debt. Sometimes losing is also gained

The real state is an option on the table because my mom is in the industry and the action plan we are evaluating has a very promising ROI. I know that like any investment it has a % of risk but no pain no gain.
 

biophase

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Yes man I know, one of the options I was evaluating was investing in a multi-family home together with my parents, putting 50% and 50% of the down payment. If it happens it would be ideal because the return on investment would be immediate and in 10 months I would be payind the loan and I would have that extra income of $ 1500 per month. But we will see
You found a multi family where you can put $20k down and cash flow $18k a year? I find those numbers hard to believe.
 
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JAVCCS

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[USER=64200 said:
@JAVCCS[/USER] First of all, let me say how glad I am that you got out of Venezuela. Wow. You must have had a wild ride. If you still have family and friends back home, your heart must just be bleeding for them. I keep hearing stories of how bad everything has gotten. Lo siento mucho lo que está pasando en tu país.
Hey Bekit! man you have no idea how hard it has been after having your whole life made at 33, a successful business, house, beach house, boat etc. And the government of your country steals your business and you have to go and start from scratch without the language in another country. thank God this country opened its doors to me and I am very grateful, but it has been such a radical change that it has not been easy to carry. But if you can do it once, you can surely do it twice.

Y si amigo lo que pasa en Venezuela es terrible, difícil de imaginar si no lo vives. Gracias por tus palabras my friend!


When I read the beginning of this thread said:
Option 1[/B]: Keep the debt for now and use the money for a down payment on a multi-family property. You'll get an immediate income of $1500/month and use that to pay the debt off in 10 months. Even if you don't get it paid off in 10 months, you'll have what it takes to cover the $378/month, and you can gradually pay your friend and the IRS. You'd live in one of the units, I assume, so you'd reduce your housing expenses while bringing in rent money from the other units.

Option 2: Pay off the debt and miss out on the chance to get the home. You start at zero with no safety net and have to work your way back up to stability, while paying rent the whole time.

Man, if I were in your shoes, I sure would be tempted to go with Option 1.

This may be short-term thinking on my part. Does anyone see a downside?

Questions if you go with Option 1...
  • You say it will bring you an immediate $1500 a month. Is that $1500 above and beyond your portion of the mortgage payment on the property? Or does your mortgage have to come out of that?
  • How much of a risk is there that you might lose one or more renters? If this were to happen and you couldn't fill the spots, could that be catastrophic to your finances? If so, you'd be deeper in debt PLUS risking losing the property. Is that a big risk or a small one? Depends on the housing market in your area.
Yes! in fact the down payment of the property are 50k and the mortgage is 2700 monthly, they are 4 units and each unit is rented at $ 1600 per month.

The risk of losing one of the rents is present but the demand is high (Miami area) and that same month I can get another renter.

The only thing is that so far there is no 100% security that the negotiation will be, but if it were given that would be my option No. 1
 
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JAVCCS

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You found a multi family where you can put $20k down and cash flow $18k a year? I find those numbers hard to believe.
The down is 50k, 4% of the property This is the reason for the investment. My mom is in the real estate market and this is a client from South America who for health reasons needs to sell the property and as he trusts her the opportunity present.
 

Bekit

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Hey Bekit! man you have no idea how hard it has been after having your whole life made at 33, a successful business, house, beach house, boat etc. And the government of your country steals your business and you have to go and start from scratch without the language in another country. thank God this country opened its doors to me and I am very grateful, but it has been such a radical change that it has not been easy to carry. But if you can do it once, you can surely do it twice.
Incredible story! Oh my goodness. That must have been devastating to lose the Franchise on top of everything. I hope you can tell the story in more detail - maybe start a progress thread?

But I love your attitude that "If you can do it once, you can surely do it twice." You're going to make it.

The only thing is that so far there is no 100% security that the negotiation will be, but if it were given that would be my option No. 1
OK, so let's assume the negotiation goes well and buying the property is your option No. 1.

But you still have a little bit of doubt about this question. Something is still causing you to think that there might be a reason to pay off the debt. What are your biggest reasons for hesitating to buy the property?

Side note: Are you taking action to build your credit so that you can get more favorable loan terms soon? You may already know about this, but a Secured Credit Card is a great way to get a credit score started when you're starting from zero. I found a bank in Miami that offers this (there may be more).

The way it works is this:
  1. You deposit a sum of money into a savings account with this bank. Let's say it's $500 (it doesn't have to be a lot).
  2. The bank issues you this secured credit card with a credit limit of $500 (or whatever sum you deposited in savings). Your savings account acts as a security that if you default on the card, the bank will still get their money. You can't touch the savings account during the life of the card, but the money will earn interest while it is sitting there.
  3. You make purchases with the card over the course of the month. (Personally, if it were me, I would pay for one tank of gas per month with the card and then pay it off in full. That way, you'll never pay a cent of interest for the use of the card, but you'll still build your credit. Painless.)
  4. You make payments to the card on time every month.
  5. Your use of the card is monitored and your behavior starts to create a credit score for you.
  6. As your credit score gets better, suddenly, all sorts of other types of loans (with much better terms) are opened up to you. You now have a credit history that banks can use.
  7. If you ever decided to discontinue your use of the card, you can close the account and the bank will return the $500 you deposited plus any interest you have accrued.
 

minivanman

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So by what I'm reading is..... you didn't learn your lesson the 1st time about borrowing money and screwing yourself, you want to do it again except with a larger amount of money this time..... got it.

Well, for anyone else that reads this in the future ^^^^ All of this right here is why you don't borrow money.
 
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JAVCCS

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So by what I'm reading is..... you didn't learn your lesson the 1st time about borrowing money and screwing yourself, you want to do it again except with a larger amount of money this time..... got it.

Well, for anyone else that reads this in the future ^^^^ All of this right here is why you don't borrow money.
Explain something to me @minivanman , according you what lesson is that?

Because according to your comments you have information that I don’t.
 

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JAVCCS

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Incredible story! Oh my goodness. That must have been devastating to lose the Franchise on top of everything. I hope you can tell the story in more detail - maybe start a progress thread?

But I love your attitude that "If you can do it once, you can surely do it twice." You're going to make it.
Well Belkit the story is that in my country I had a medical equipment company and I sold both private clinics and hospitals. 2 of the clinics were miliary, at the beginning of 2013 the person in charge of the purchases in the hospitals was changed by a chavista captain. This person told me: "my friend I going to give you 10k for your company" I thought it was a joke and when I laughed he answered: "this is not an offer, you take it or leave it but the company is mine"
At this point I realized what was happening, left the meeting call my partner and explain the situation. the next day at 8am they arrived at the company, they took all the equipment, information from the clients etc. and started threatening us, they tried to kidnap me 2 times and for that reason at the end of 2013 I came to the states.
Here I set up a franchise with some supposed friends of the family who turned out to be scammers and we almost lost everything we invested in the franchise thanks to them. But well, thank God we could put them out of business and sell the franchise and recover something with which the debts was paid

OK said:
Something [/I]is still causing you to think that there might be a reason to pay off the debt. What are your biggest reasons for hesitating to buy the property?
The thing is this Belkit, if option 1 is not possible, I do not have at this time in mind another business that can give me short-term income and the facility to pay debts faster. so my question would be that it would be better:
1) have a capital at hand that can invest at the time of an opportunity.
2) Get out of debt as soon as possible despite being a fixed 23% interest and so I pay today or later the amount of interest that I am going to pay is the same because the amount is fixed.

a bank in Miami that offers this[/URL] (there may be more).

The way it works is this:
  1. You deposit a sum of money into a savings account with this bank. Let's say it's $500 (it doesn't have to be a lot).
  2. The bank issues you this secured credit card with a credit limit of $500 (or whatever sum you deposited in savings). Your savings account acts as a security that if you default on the card, the bank will still get their money. You can't touch the savings account during the life of the card, but the money will earn interest while it is sitting there.
  3. You make purchases with the card over the course of the month. (Personally, if it were me, I would pay for one tank of gas per month with the card and then pay it off in full. That way, you'll never pay a cent of interest for the use of the card, but you'll still build your credit. Painless.)
  4. You make payments to the card on time every month.
  5. Your use of the card is monitored and your behavior starts to create a credit score for you.
  6. As your credit score gets better, suddenly, all sorts of other types of loans (with much better terms) are opened up to you. You now have a credit history that banks can use.
  7. If you ever decided to discontinue your use of the card, you can close the account and the bank will return the $500 you deposited plus any interest you have accrued.
Yes, in December I take one with Capital One for that reason, thanks for the advice.
 
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windchaser

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Well Belkit the story is that in my country I had a medical equipment company and I sold both private clinics and hospitals. 2 of the clinics were miliary, at the beginning of 2013 the person in charge of the purchases in the hospitals was changed by a chavista captain. This person told me: "my friend I going to give you 10k for your company" I thought it was a joke and when I laughed he answered: "this is not an offer, you take it or leave it but the company is mine"
At this point I realized what was happening, left the meeting call my partner and explain the situation. the next day at 8am they arrived at the company, they took all the equipment, information from the clients etc. and started threatening us, they tried to kidnap me 2 times and for that reason at the end of 2013 I came to the states.
Here I set up a franchise with some supposed friends of the family who turned out to be scammers and we almost lost everything we invested in the franchise thanks to them. But well, thank God we could put them out of business and sell the franchise and recover something with which the debts was paid



The thing is this Belkit, if option 1 is not possible, I do not have at this time in mind another business that can give me short-term income and the facility to pay debts faster. so my question would be that it would be better:
1) have a capital at hand that can invest at the time of an opportunity.
2) Get out of debt as soon as possible despite being a fixed 23% interest and so I pay today or later the amount of interest that I am going to pay is the same because the amount is fixed.


Yes, in December I take one with Capital One for that reason, thanks for the advice.
Wow, what a story, I have some Venezuelan friends who went through a similar experience, glad to hear you managed to get out and start over somewhere else. But as you say, if you did it once you can do it again!
If Option 1 is not an option I would repay most of the debts and probably leave a small portion as an emergency fund or to invest in your future business but if you do not have a clear idea or path, it is better used to pay off debts in my opinion, especially considering the APR.
 

Bekit

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Well Belkit the story is that in my country I had a medical equipment company and I sold both private clinics and hospitals. 2 of the clinics were miliary, at the beginning of 2013 the person in charge of the purchases in the hospitals was changed by a chavista captain. This person told me: "my friend I going to give you 10k for your company" I thought it was a joke and when I laughed he answered: "this is not an offer, you take it or leave it but the company is mine"
At this point I realized what was happening, left the meeting call my partner and explain the situation. the next day at 8am they arrived at the company, they took all the equipment, information from the clients etc. and started threatening us, they tried to kidnap me 2 times and for that reason at the end of 2013 I came to the states.
Here I set up a franchise with some supposed friends of the family who turned out to be scammers and we almost lost everything we invested in the franchise thanks to them. But well, thank God we could put them out of business and sell the franchise and recover something with which the debts was paid



The thing is this Belkit, if option 1 is not possible, I do not have at this time in mind another business that can give me short-term income and the facility to pay debts faster. so my question would be that it would be better:
1) have a capital at hand that can invest at the time of an opportunity.
2) Get out of debt as soon as possible despite being a fixed 23% interest and so I pay today or later the amount of interest that I am going to pay is the same because the amount is fixed.


Yes, in December I take one with Capital One for that reason, thanks for the advice.
Oh my goodness. That is crazy.

It seems like your mindset is good, despite it all... That's an unbelievable amount of resilience right there.

What would it take to get back into the medical equipment business, since that's your area of expertise? Obviously, you'd need money, but could that be raised through venture capital, angel investment, or crowdfunding? What else would it take? Are there other obstacles beyond money that would stop you from doing that?

What if there was a way to get the money to get a second business up and running again? What kind of work would you LIKE to do?
 

minivanman

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Explain something to me @minivanman , according you what lesson is that?

Because according to your comments you have information that I don’t.
^^^Yes, you do have the information, I just gave it to you^^^ If you had never borrowed any money for a franchise and never borrowed any money from your friend, you would not owe the IRS any money, therefore, you could be well on your way TODAY.... not tomorrow, TODAY to being in the fastlane. I realize you didn't know any better, coming from a different country, but now you do know better so recoup for a few months and this time next year, you can have your left blinker on. Instead of being on here another minute, go out and get another job or 2.

By the way, I love a 4-plex and don't have a problem financing something like this..... AFTER you pay off your debt.
 
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JAVCCS

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What if there was a way to get the money to get a second business up and running again? What kind of work would you LIKE to do?
What would it take to get back into the medical equipment business, since that's your area of expertise? Obviously, you'd need money, but could that be raised through venture capital, angel investment, or crowdfunding? What else would it take? Are there other obstacles beyond money that would stop you from doing that?
1) the capital needed to start the business is high
2) It is a totally different market, the competition is huge and there are very strong players in the market. It is also a business where the circle is very closed.

It took me 13 years to develop this business and the structure necessary for the business to work without me.

What if there was a way to get the money to get a second business up and running again? What kind of work would you LIKE to do?
For me the truth is: “I do whatever it takes” regardless of the niche what matters to me is that the business is profitable
 

Suzanne Bazemore

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And the government of your country steals your business and you have to go and start from scratch without the language in another country. thank God this country opened its doors to me and I am very grateful, but it has been such a radical change that it has not been easy to carry. But if you can do it once, you can surely do it twice.
@JAVCCS , I can not even imagine going through what you have been through, the betrayal you must feel, and having to start from scratch. I'm glad you made it here safely, and for someone to rise above such hardships means that you can definitely repeat your prior success. Good luck to you.
 

Bekit

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^^^Yes, you do have the information, I just gave it to you^^^ If you had never borrowed any money for a franchise and never borrowed any money from your friend, you would not owe the IRS any money, therefore, you could be well on your way TODAY.... not tomorrow, TODAY to being in the fastlane. I realize you didn't know any better, coming from a different country, but now you do know better so recoup for a few months and this time next year, you can have your left blinker on. Instead of being on here another minute, go out and get another job or 2.

By the way, I love a 4-plex and don't have a problem financing something like this..... AFTER you pay off your debt.
It sounds to me like OP did NOT borrow money for the franchise. He came to this country with money and immediately invested a business in order to play it big right off the bat.

Why?

Because he already thinks like a fastlaner.

It sounds like the failure of the franchise was not that it started with debt, it was due to a misjudging of the partner's character (trusting someone who was untrustworthy). That doesn't mean that OP is bad with money. Almost everyone on this forum has a "never again" story of how they were burned in a partnership. Almost anyone can be scammed by a clever con.

I realize you didn't know any better, coming from a different country
I thought better of you than this, minivanman. I say this in kindness...and sadness. There are many people from other countries on this forum, and it's not fair to assume that financial literacy is confined to our borders alone.

The way I look at this, it's more like, let's say Kak went to another country because all hell broke loose here. He's going to play big because he is Kak. And he has money to start with. But he doesn't speak the language and he has lost all the connections that he has built. Still, he's going for it. And that is a different scenario than someone who is broke and can't pay their bills and should never borrow money because they don't have the foggiest clue how to make good business decisions.

This is a fastlaner asking other fastlaners for perspective on what to do with money, not a poverty-mindset sidewalker asking for advice.

How would a fastlaner conduct themselves if they were repeatedly knocked down the way OP has been and yet still had the resilience to keep on trying to play big?
 
OP
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JAVCCS

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^^^Yes, you do have the information, I just gave it to you^^^ If you had never borrowed any money for a franchise and never borrowed any money from your friend, you would not owe the IRS any money, therefore, you could be well on your way TODAY.... not tomorrow, TODAY to being in the fastlane. I realize you didn't know any better, coming from a different country, but now you do know better so recoup for a few months and this time next year, you can have your left blinker on. Instead of being on here another minute, go out and get another job or 2.

By the way, I love a 4-plex and don't have a problem financing something like this..... AFTER you pay off your debt.
Ohh boy incredible as you can create an opinion as radical as that having so little information. There are many variables in that equation of which you have no idea.
  1. I never borrowed money to buy the franchise, I paid 300k Cash for it.
  2. those 5 thousand dollars that my friend lent me were to pay the co-payment of a thyroid cancer surgery that I had in 2017.
And as these two situations there are many other things that I do not think you can understand because you have never seen yourself in such a situation

I do not know how successful you are in your life as an entrepreneur. And especially if you really are successful in your business. because taking that radical approach without knowing many things from experience does not guarantee success in investments (believe me I fail many times before success).

In my country I had very different businesses backgrounds: restaurants, clothing stores, photo service company, betting website and others ... In my medical equipment company in 2012 I had sales for more than 10 million dollars and my net worth was plus 3 million dollars. So I imagine that in order to speak as well as you do, you must have a very successful track record that you have achieved in this country right?

And I do not say all this to say how good I am or something like that, the reason to be in this forum is just to learn more, and for me no matter how successful you are or how many times you failed, humility should be the rule and no exception.

I am just a humble student in this country that offers me great possibilities of success.

If you have any advice that contributes, something positive! Something to add and not subtract it will be well received.
 

AllenCrawley

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Pay off the debt. As @amp0193 put it, guaranteed positive outcome. Plus the phycological benefits are huge. No debt looming over you and weighing you down.
 

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