Author Topic: Advice from Auntie  (Read 3721 times)

Milkman666

  • 5 O'Clock Shadow
  • *
  • Posts: 81
  • Location: Ottawa, Canada
Advice from Auntie
« on: March 18, 2013, 01:20:43 PM »
My wife's cousin has been in a steady decline of ridiculous overspending for several years now, which culminated about 6 weeks ago in her separation and impending divorce from her husband (a prediction I made 4 years ago). She is now living in her parent's basement with her two kids.

Last May, the cousin and her parents both purchased large, brand new campers that are parked on rented lots in an RV park 2 hours away. Now, of course, they need to sell.

Auntie was talking to my wife via Facebook, trying to convince her to buy the trailer for about $26K. When my wife tried to politely decline by telling Auntie that we don't have that kind of cheddar laying around, Auntie replied, "Just put it on your line of credit, then all you have to do is pay the interest until you come into some money or re-finance your mortgage".

I told Wifey to ask if there's room in that basement for us too. We haven't heard back.

Use it up, wear it out...

  • Stubble
  • **
  • Posts: 224
  • Location: Brooklyn, NYC
Re: Advice from Auntie
« Reply #1 on: March 18, 2013, 01:34:50 PM »
When my wife tried to politely decline by telling Auntie that we don't have that kind of cheddar laying around

Milkman. Cheddar. Very nice.

Paul der Krake

  • Magnum Stache
  • ******
  • Posts: 4658
  • Age: 11
  • Location: USA
Re: Advice from Auntie
« Reply #2 on: March 18, 2013, 01:41:55 PM »
If they are desperate to sell fast, there might be an opportunity to buy low and sell high, provided you can afford to hold on to it until a real buyer shows up, if ever.

Good job treading cautiously in those murky familial matters.

Forcus

  • Pencil Stache
  • ****
  • Posts: 714
  • Location: Central Illinois
Re: Advice from Auntie
« Reply #3 on: March 18, 2013, 02:30:19 PM »
If they are desperate to sell fast, there might be an opportunity to buy low and sell high, provided you can afford to hold on to it until a real buyer shows up, if ever.

I doubt it, you can finance campers for 10 years / as a second home in some cases, so I'm guess that if they are asking 26k, they paid 28k, and its worth 15k. Every year I see a lot of campers for sale that are exactly 10 years old!

Jamesqf

  • Magnum Stache
  • ******
  • Posts: 4047
Re: Advice from Auntie
« Reply #4 on: March 18, 2013, 02:58:56 PM »
Every year I see a lot of campers for sale that are exactly 10 years old!

Well, that makes me feel a little better for the neighbors, who have a camper in their yard that hasn't moved in years.  At least they waited and bought one that was 10 years old.

MrMoneyMullet

  • Stubble
  • **
  • Posts: 104
  • Spending in the front, savings in the back.
Re: Advice from Auntie
« Reply #5 on: March 21, 2013, 12:01:24 PM »
Auntie replied, "Just put it on your line of credit, then all you have to do is pay the interest until you come into some money or re-finance your mortgage".


An unusually stark example of the saying "Don't take money advice from broke people." It's hard to believe that they still think this is 'smart' after where it's gotten them. Although maybe she's just trying to dump it off on someone and will say whatever might help get it sold.