ofnomicsLeveraged my house to invest in my friend's restaurant
My best friend since high school wanted to open a barbecue restaurant. He had the recipes, the passion, the whole dream. I took out a $85,000 home equity loan to invest. The restaurant opened, was busy for two months, then foot traffic died. He didn't know how to manage cash flow. It closed after 9 months. I still owe $72,000 on the loan. We don't talk anymore.
Lesson LearnedNever invest money you can't afford to lose, especially with friends.
Would you have backed your best friend?
He had the dream, you had the equity
2% say all in · 98% say not a chance · 192 votes
0 comments