Would you accept this offer?

Discussion in 'Questions From New Drivers' started by Solo Soul, Jul 21, 2021.

  1. Solo Soul

    Solo Soul Medium Load Member

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    I am told by a few friends that once the loan matures, the government won't care anymore as long as I keep sending them money every month. Plus, the government have larger fish to fry, they will go after businesses that got millions. $120k is not worth their time IMO.
     
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  3. Solo Soul

    Solo Soul Medium Load Member

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    Just to let you know, if the government does decide to come after me after two years and finds out their money ended up as a down payment on a house, their penalty will be very harsh. 1.5 times the total loan amount will be due immediately, that is $180k due next day lol.
    That's why I am here discussing this. I haven't signed the agreement yet, and it is not an easy decision to make. I am just staring at the cash right now. I don't have the courage to go ahead because my intention is bad. Yes, to be honest, my intention is bad. My intention is a house, and not expanding my business. How am I gonna expand my crappy job of food delivery anways.
     
  4. Cattleman84

    Cattleman84 Road Train Member

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    Any reputable company should offer a 401k...

    No give 401k, me no worky for you.
     
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  5. Solo Soul

    Solo Soul Medium Load Member

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    How does a 401k work? They take like $500 from my salary every month and invest it somewhere for 40 years?
     
  6. Judge

    Judge Road Train Member

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    Ever hear the saying, Don’t trust the government?
    Think they’d lose money?
    It’s all in their favor, or they wouldn’t do it.
    It’s like saying, I’ll lend you $100.
    But on such a date I want my $100, plus $375 of your money.
    So, you get a $100, but it actually cost you $475, the $100 you owe plus $375 interest, pretty good mark up.
     
  7. Judge

    Judge Road Train Member

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    I no give 401k.
    :(
     
  8. Solo Soul

    Solo Soul Medium Load Member

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    :(
     
  9. slow.rider

    slow.rider Road Train Member

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    They must be very rich friends, since they can predict the future so accurately.
     
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  10. Rubber duck kw

    Rubber duck kw Road Train Member

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    The small fish add up to more than the big fish. The big fish have the money and lawyers to drag it out through the courts for a decade. It doesn't really hurt the big fish in the long run, they'll settle for whatever keeps them out of jail. Say you do buy a house with it and a year later they say "give us back our money or we take your house and throw you in jail," worth it to you? Hell they may say "that's now our house, you still owe the money, and you're going to jail," the little fish is the one who gets hammered in court usually. I wouldn't do it, it's simply not worth the risk.
    You want to buy a house go get a first time home buyers type of loan. You're not going to be able to buy a real nice place, but assuming you're a single person you don't need a real nice place. You really don't need a real nice if you're planning on doing the over the road thing, you'll never be there anyway. Hell I'm a single guy, I don't own my own place at 25. All I'd need is a bed and an easy chair in the corner of a shop/toyshed. Land to put one of those on isn't exactly easy to get around here.
     
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  11. Solo Soul

    Solo Soul Medium Load Member

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    You are right. In our country the big fish get away with a lot of things, the fraction of which could throw the little man in jail. I heard Jeff Bezos went on a space tour, while his company Amazon has to pay any taxes yet lol.
     
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