We have been friends for 2/3rds of our lives. Best friend? No but in the top three just below it from my point of view.
Long story short 9-10 years ago he & his sister inherited a house and a widows and orphans stock portfolio blah blah. Each realized somewhere around 600-700,000.
Sis treated it as retirement money with some stock repositioning for her kids education. She smiles.
My buddy an ex-salesman, who has done stuff from commercial storefront real estate to being a Bursar at on of those 'beauty schools' that get poor kids to take out education loans, decided to retire and take over the management of the stocks and speculate in real-estate . Early summer '13 he told me his portfolio was down to 45 grand and there has been no interest in buying the investment house he paid 225 for and refused to sell just before the RE bubble for 260 because he had to make 50 -60 or it wasn't a good enough profit. I pointed out the developer was opening another subdivision in the complex/ They would be his competitors not comps from a town over blah blah. actually could have taken a 10-15 loss and gotten out about a year into the bubbleburst but said he'll wait it out . He is currently trying to get a short sale on it and owes about 160.
Lives in NYC in a rent stabilized large studio in midtown Manhattan for 800 a month. Mirror apartment one flight up currently rents for 1850.
He just took SS at the earliest age to keep him self afloat and from what I can tell is living on 0% offers and cc transfers.
He said he is not going to make his rent in Jan and just needs 3-4 Gs to get him over the hump. Jobs looked for in the past 5 years-ZERO and still buys 30 buck a bottle wine and Dean & Delucca and Agata & Valentina gourmet market premade food like 11.95 chicken salad.
I said no I just can not afford to give you 3 grand. He said you are not a true friend.
I pointed out I had steered him to 4 jobs over the last couple of years he definitely could have gotten off my referral alone- Jobs to make enough to afford 800 a month rental and a living wage if he scaled his lifestyle down.
I like the guy but getting pissed off at me because I will not, in effect, support him leaves a bad taste in my mouth. I friend offered to get him in the doormans union but he said that;s not my kind of work. He can not even get a cab/delivery driver job because his driving record includes DUIs and lots of points.
Should I walk away or...