Re: In love with nice, trustworthy but financially unstable
Thanks for various replies, my comments are:-
Despite all our efforts on this so far could not spot any red flag.
The boy is his early 20s, with good business family background (the family used to be one of the key players in Karachi for their industry, but lost most mainly due to family issues).
I am also told by one of my friend here (who is the same trade as his old family business) that even today most of players in Karachi started from their family firm, he would certainly get a good support if come into this business, but unfortunately he never work into this trade.
Father is still doing related business but different products (as broker or indenter operating from home), which has its up and down but still enough to maintain a good upper middle class lifestyle (still living at a bungalow in posh area in Karachi).
He has completed his associated degree B.Com, I was encouraging him to get an accounting qualification such as ACCA or CA, but he seems not keen (passed few papers though before discontinuing).
He is youngest son (possibly due to what happen to his father in the family business which he walked away penniless) he rather want to leave father’s trade to his elder siblings and trying to break new grounds himself (which is more risky approach).
He is not running any pyramid scheme, earlier he was entrusted by his friends family to take care his trucking business when friend was critically ill for long time (which he has done successfully) but he could not continue due to his parents pressure (needed to deal with rough peoples such as truck drivers).
Same friends family is investing on him, his business module is very simple. He learnt a great deal about 2nd hand cars, all he doing is having good network of dealers and keep looking around for good deal, and sale on profit.
He told me that buying 2nd hand car is a good business, he would not lose big, and if he could sale 5-6 cars in a month he would be able make that kind of money.
In my recent visit to Pakistan, I meet the person who is financing him when I told him our interest in moving him out, the person seems not happy and telling me he doing well here and person want to invest a car showroom with him.
On top of this he also trying to various businesses without much success, (tied to bid for an scrap ship, ) recently he fund an opportunity where could convert an agriculture land into residential plots, unable to raise to funds himself, he approached the land owner and now working with him on the project on commission base.
I am impress that he is only 24 yet able to identify and do these things.
Being in Businessman myself I learnt something, these are outside opportunities one have time to time (one could make more money with these then regular business), but we still need to have one particular line of business which could keep our kitchen running then fish for these. He seems to lack of regular business (probably lack of capital is main reason) and thinking that he could live of f these opportunities.