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Ragnar4
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09-01-2008, 01:15 AM
Post subject: Tough Spot. Need a few honest opinions
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#1 (permalink)
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Full House
Join Date: Sep 2005
Location: Billings, Montana
Posts: 1,284
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I realize that some stuff here on the board, I'm kinda a jerk. I expect at least one first post, and some other nonsense, but I'm mystified at this situation, and need to know what other people (who aren't close to this situation) to tell me if I'm a bad person, or not.
Being an avid horse fanatic, I have had the opportunity to purchase an amazing Arabian horse. She's got perfect lines, amazing physique, and will have offspring that are amazing. She's been appraised at around $40,000. I've been given the opportunity to purchase this horse for $10,000. I work for trade at the stables, I muck stalls and do basic farmhand work, they let me ride, I really enjoy the freedom of going for a ride. Her owners love me, and want to bless me with a gift.
I also owe my father about $10,000 grand. I offered my dad, today a business proposition. Drop the $10,000 grand debt against me, and buy 25% of the horse, (since she's worth 40k) as a full owner, and we make a killing on the arabian market.
Here's the question: Am I a bad person for asking my father to pay for 100% of the horse, yet only give him 25% of the profit?
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The older I get, the more I start wondering; Just what in the hell is going on here? 
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kmind
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Straight Flush
Join Date: Oct 2006
Location: Not Giving In
Posts: 4,240
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so he drops the 10k thing and then pays another 10k?
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spoonitnow
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Straight Flush
Join Date: Sep 2005
Location: IRC Chat Room
Posts: 5,406
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I'm going to throw out something I realized a few days ago.
Poker and the lottery have something very specific in common: in poker, we try to get people to make bad bets, and the government does the exact same thing with the lottery.
How this relates to your situation is that in life there are people with the ability to take advantage of opportunities that are favorable for them, and so there are people who cannot. You've identified a good spot, so I don't see any problem with taking advantage of it.
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Quote:
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Originally Posted by Ripptyde
I only have 2 simple rules when I am coaching a new student.
Rule # 1: don't ask questions
Rule # 2: don't ask questions
I have no interest in discussing strategy with a protege'. Your job is to remain quiet and listen. I have a very systematic approach that I will share with the right candidate and I promise that I will turn you into a force of nature and show you elements of the game of poker that you never knew existed.
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BennyLaRue
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09-01-2008, 01:57 AM
Post subject: Re: Tough Spot. Need a few honest opinions
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#4 (permalink)
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Full House
Join Date: Sep 2007
Posts: 646
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Quote:
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Originally Posted by Ragnar4
I also owe my father about $10,000 grand. I offered my dad, today a business proposition. Drop the $10,000 grand debt against me, and buy 25% of the horse, (since she's worth 40k) as a full owner, and we make a killing on the arabian market.
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I look at it this way...your time working there and your relationship make up the $30,000 equity. But I don't get the math. If he drops the $10K debt and drops $10K on the horse, shouldn't he own 50% of the $40K value?
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Jack Sawyer
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09-01-2008, 02:18 AM
Post subject: Re: Tough Spot. Need a few honest opinions
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#5 (permalink)
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4-of-a-Kind
Join Date: Jan 2007
Location: Old School
Posts: 2,535
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Quote:
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Originally Posted by Ragnar4
She's got perfect lines, amazing physique, and will have offspring that are amazing.
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uhhmmm
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My dream... is to fly... over the rainbow... so high...
Quote:
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VHS is like a book and a book is like a stack of kindles.
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Hey, I'm in a movie!
http://youtu.be/lGdnIrRKDTI
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will641
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4-of-a-Kind
Join Date: Aug 2007
Location: getting my swell on
Posts: 1,610
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not at all if he will turn a profit. he is your dad and wants to see you do well. im sure he would be happy to have you turn a profit, as well as him getting paid off. if it were me, i would offer him the 10k i owe, plus 50/50 on profits. its fair and easy.
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Cash Rules Everything Around Me.
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wufwugy
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09-01-2008, 04:59 AM
Post subject: Re: Tough Spot. Need a few honest opinions
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#7 (permalink)
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4-of-a-Kind
Join Date: May 2006
Posts: 1,660
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Quote:
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Originally Posted by Jack Sawyer
Quote:
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Originally Posted by Ragnar4
She's got perfect lines, amazing physique, and will have offspring that are amazing.
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uhhmmm |
ha
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Ragnar4
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Full House
Join Date: Sep 2005
Location: Billings, Montana
Posts: 1,284
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No.. Dad is just dropping the 10k I owe him for 25% stake in the horse. Ok.. appreciate the imput
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The older I get, the more I start wondering; Just what in the hell is going on here?
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a500lbgorilla
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JESUS TAKE THE KEYBOARD
Join Date: Sep 2004
Location: This room is a good place to be
Posts: 8,379
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I would still go 50/50. He did you a favor in loaning you the money with no vig and he's doing you a favor dropping the debt so that you can purchase the horse.
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Smithers, use the amnesia ray.
You mean the revolver, sir?
Precisely.
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kevster
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Full House
Join Date: May 2006
Location: Fold City
Posts: 758
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If it helps, my brother once gave me a really cool BMX but wanted it back a few months later so I sold it back to him 
I don't have a problem with what you're proposing though you should perhaps be a little clearer with you Dad and 50/50 certainly guarantees him a potentially great deal too.
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- You're the reason why paradise lost
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mrhappy333
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Full House
Join Date: Jan 2006
Location: Hartford, CT
Posts: 1,078
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not a bad deal. 25% for your dad is plenty.
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3 3 3 I'm only half evil.
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