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Would you try it?

My husband and I are trying to save up money . Lately, I've been in charge of our money, and I am able to save about $500 per month.
We have a friend who is a mechanic and he is teaching my DH, so later on, he could work for him. Well, today he asked him to buy a truck with him for $1,500. We would pay half of it, and they would fix it and resell it for $2700.

If all of this goes as planned, my DH would end up with a profit of $600 plus the $750.
The thing is I am not a risk taker. I am making a great effort to save some money every month, so just giving up $750 scares me. What would you do? Would you go for it? Our friend says that is a really good way to make money fast. What do you think?

Answer Question
 
Anonymous

Asked by Anonymous at 12:58 AM on Apr. 28, 2010 in Money & Work

Answers (10)
  • I wouldn't do it. But if you do get everything in writing, every detail, and be prepared to go to court if this guy screws you.
    Anonymous

    Answer by Anonymous at 1:00 AM on Apr. 28, 2010

  • I"d first estimate how long it would take to 'fix it up' (calculate that as an hourly rate), how many parts you'd have to buy, and what similar trucks are going for (check Edmunds.com or Blue Book it). Then you can see how truly profitable the idea is. But, my feeling is this guy is selling you a bridge.
    danielp

    Answer by danielp at 1:02 AM on Apr. 28, 2010

  • We would not buy it from him. They both would buy it from another person, just pay half and half. Our friend and DH would fix it and resell it in about 2 weeks.

    I don't know if I am going for it, but of course I would want everything in writing.
    Thanks
    Anonymous

    Answer by Anonymous at 1:14 AM on Apr. 28, 2010

  • No I wouldnt do it. My DH did that. he bought and restored a truck, and has yet to find a buyer to play what he wants to make money off of it. Too much f a risk in this economy.
    Anonymous

    Answer by Anonymous at 1:35 AM on Apr. 28, 2010

  • *find a buyer to pay.. not play oops.
    Anonymous

    Answer by Anonymous at 1:35 AM on Apr. 28, 2010

  • You never know when some one would want to buy it. That is the risk.
    Mrs.B3

    Answer by Mrs.B3 at 1:45 AM on Apr. 28, 2010

  • If it were my dissision I wouldn't do it but thats cuz we were burned by his buddies before, after that I told my husband no more.

    looovemybabies

    Answer by looovemybabies at 2:37 AM on Apr. 28, 2010

  • if you are looking for a good way to make greay money contact me.

    IraqiVetWife

    Answer by IraqiVetWife at 10:11 AM on Apr. 28, 2010

  • If this is what he wants to do for a living he is going to have to jump in at some point. You are only risking 6 weeks of savings. I'm assuming 6 weeks worth wouldn't wipe you out if you lost it. And chances are even if it didn't go well you would get your money back, just not any profit.
    Anonymous

    Answer by Anonymous at 12:29 PM on Apr. 28, 2010

  • Has this fellow sold his fixed up vehicles before? How long has he been in the business? Does he have a buyer in place? Why is he splitting to cost? What would happen if your husband said he'd help him work on the truck but not help with the purchase, what kind of payment could he expect then? I assume the fellow looked this truck over carefully and is sure it can be fixed without additional money outlay but just time and elbow grease. But if it will need parts and alot of miscellaneous things that cost, I'd be really hesitant. It could become a money pit.
    oddfox

    Answer by oddfox at 11:20 PM on Apr. 28, 2010

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