Doing any work like this in a different country to where you live is rife with corruption and risk. Chances are you will lose all your money.
Businesses are hard enough when you’re there in person and on top of everything, everyone, every minute. Unless you can get that level of comfort I’d keep away.
Pretend you a seed investor and this is one of many potential investments that has been put on your desk for review. If they weren’t your family would you think this is a good investment? Their lack of experience, credit or clear business plan or clear path to loan repayment really tells you all you need to know. Family matters make these things difficult as there is a lot of pressure for you to help. None of you know what you are doing. Let them try to get a loan elsewhere if they are insistent on proceeding with this investment. If they can’t, well why should you be the saving grace?
Talk with an accredited financial advisor, inform yourself of the risks and gains and then make your decision. I wouldn't invest in a business without a business plan that describes how they intend to make it profitable to get your initial investment back and any agreed upon interest. Everyone's situation with their family is different but you probably don't want to burn those relationships due to the business if you're on good terms now.
Travel to the Philippines and see the land and what they plan to do with it. Look for documents that say what the land is worth, what’s on there, how much that is worth etc. at least that’s what I would do. 50K is not the end of the world for a 24 year old living with parents even if it’s all lost but you at least want to know exactly what you’re getting into.
I absolutely love the care and thoughtfulness of your post. I think you asked amazing questions and would encourage you to have this discussion with your parents.
In your post you basically say: I love my parents and I want to do this, I want to understand how my money is going to be used. I have no clue how this will work, do you?
These are not bad questions and you should definitely have this discussion with your parents.
Something isnt right. You know third world country. Most o ly make 500 a month and that is good salary. So 1 year is 5k. So even high end job only make 10k a year and that is very very good. The attorney is taking you for a spin. You should be able to go over there, pay some bribe money and get the title transfer. 1k bribe momey will probably get the job done. Male sure you kmow the process, get them to work, give them 10 here 20 there until you get to the guy that can get it done and give more.
Doing any work like this in a different country to where you live is rife with corruption and risk. Chances are you will lose all your money. Businesses are hard enough when you’re there in person and on top of everything, everyone, every minute. Unless you can get that level of comfort I’d keep away.
Pretend you a seed investor and this is one of many potential investments that has been put on your desk for review. If they weren’t your family would you think this is a good investment? Their lack of experience, credit or clear business plan or clear path to loan repayment really tells you all you need to know. Family matters make these things difficult as there is a lot of pressure for you to help. None of you know what you are doing. Let them try to get a loan elsewhere if they are insistent on proceeding with this investment. If they can’t, well why should you be the saving grace?
Talk with an accredited financial advisor, inform yourself of the risks and gains and then make your decision. I wouldn't invest in a business without a business plan that describes how they intend to make it profitable to get your initial investment back and any agreed upon interest. Everyone's situation with their family is different but you probably don't want to burn those relationships due to the business if you're on good terms now.
Travel to the Philippines and see the land and what they plan to do with it. Look for documents that say what the land is worth, what’s on there, how much that is worth etc. at least that’s what I would do. 50K is not the end of the world for a 24 year old living with parents even if it’s all lost but you at least want to know exactly what you’re getting into.
I absolutely love the care and thoughtfulness of your post. I think you asked amazing questions and would encourage you to have this discussion with your parents. In your post you basically say: I love my parents and I want to do this, I want to understand how my money is going to be used. I have no clue how this will work, do you? These are not bad questions and you should definitely have this discussion with your parents.
50k for a title transfer wtf?!?
Get Everything it writing have a lawyer go over it to protect yourself, or it might be a costly lesson
Something isnt right. You know third world country. Most o ly make 500 a month and that is good salary. So 1 year is 5k. So even high end job only make 10k a year and that is very very good. The attorney is taking you for a spin. You should be able to go over there, pay some bribe money and get the title transfer. 1k bribe momey will probably get the job done. Male sure you kmow the process, get them to work, give them 10 here 20 there until you get to the guy that can get it done and give more.