December 13, 2011 • Page 7 shop online at www.missourivalleyshopper.com DAVE SAYS: 1605 Business and Friendship AVAILABLE NOW - two bedroom apartments, well maintained, Valley Park 2200 Green St. Family housing based on income. For more info call (605)660-8819, or 877-521-8750 EHO. when they were together, before we even met. Now a collection agency is after her. Our attorney has recommended we take Chapter 7 bankruptcy, but the debt is only $5,000. Is there a better way? Jeff Dear Dave, I’m about to buy my ?rst home. My plan is to buy a duplex and rent out the other side to help pay down the mortgage quickly. A friend of mine wants to be my renter, but I’m worried that this could jeopardize our friendship. What do you think? Jerry Dear Jerry, This can work, but the odds aren’t in your favor. When you do business with friends you always face the risk of running into a situation that can damage the relationship. Does this mean you can never do business with friends? Of course not. I do a lot of business with friends. But I make sure that the speci?c requirements of our relationship are laid out very clearly, in writing. It would be a good idea to make sure he understands that he absolutely must come talk to you ahead of time if there’s even a chance that he might not make the rent one month. Most problems can be worked out, but you’re not running a charity. This needs to be emphasized in a kind-but-?rm manner. Sometimes friends have unrealistic expec- Dave RAMSEY tations on both sides. The friend who is renting may think he’ll get some slack on the payments, or the friend who’s the landlord may assume the renter will be a model tenant. These dangerous myths need to be addressed and ironed out before anything is signed. You can make it work, Jerry. Just be straightforward, and make sure the rules are understood by everyone involved. Then, when you have to enforce the rules, do it gently but ?rmly. —Dave Co-signing Leads To Stupid Tax Dear Dave, My wife co-signed on a loan for an exboyfriend ?ve years ago Power Source Electric Check Out Our New Website electairinc.com 260.8683 EQUESTRIAN | COMMERCIAL | AGRICULTURAL | GENERAL PURPOSE Style & Quality From Concept to Completion For over 60 years we’ve been constructing functional, attractive buildings. Our high-quality structures are created with your vision in mind and covered by one of the strongest, non-prorated warranties in the industry. For more information 605-368-2511 27087 Morton Court Sioux Falls, SD ©2010 Morton Buildings, Inc. A listing of GC licenses available at mortonbuildings.com/licenses.aspx. Ref #043 DISCOVER THE ENDLESS POSSIBILITIES OF THE WORLD OF MORTON BUILDINGS... Dear Jeff, You bet there’s a better way! It’s just plain stupid to even consider trashing your ?nancial life over $5,000, because bankruptcy stays on your record for years. This is an old loan with very low expectations for collection. The collector probably bought it for next to nothing, and everything he gets will be pro?t. It’s not uncommon for debts this old to be settled for ?fty cents on the dollar, and sometimes even less. Haggle with them, and I’ll bet you can talk them down to $2,500. Get an agreement in writing before you send them a dime, and do not give them access to your bank account. They’ll threaten to sue, or ruin your credit and that kind of stuff, but my guess is you can work this out. It may take a couple of weeks and some patience, but that’s nothing if it will save you $2,000 to $3,000. You guys will have to pay some Stupid Tax on this one, but I hope it will teach you both a very valuable lesson. Never co-sign a loan! —Dave * For more ?nancial help, please visit daveramsey.com. Apartments For 1605 Rent 2-bedroom apartment Between the 50?s 8th & Dakota. Rent based on income. Equal Housing Opportunity. (605)665-5909 or Skogen Company (605)263-3941. Boardwalk Apartments: Available soon: 1-Bedroom with garages, furnished/unfurnished, month-to-month or lease. Access to hot tub and workout center. No s m o k i n g / p e t s . ( 6 0 5 ) 6 6 5 - 9 9 3 9 (605)661-0517. Apartments For Rent 1605 Apartments For Rent For Rent: One and Two Bedroom Apt. for elderly or persons with disabilities at River Court Apt. 24 E. Duke, Vermillion. Hdc accessible. Must qualify by income. Rent based on income. Equal Housing Opportunity. 202-0008 or Skogen Company (605)263-3941. For Rent Village Green Apartments Yankton. 1 bedroom apartment available. Stove, refrigerator, utilities, furnished. Rent based on income. (605)665-0063 or 1-800-225-0564, TDD# 1-800-622-1770. Equal Housing Opportunity. Large upstairs 1-bedroom, stove/refrigerator, C/A. No pets, water paid, $350/month plus electric & gas. (605)665-1046. Read & Recycle! 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