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Property Investment Question


spain
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Spain, what is the status? PM me as I may have some advice for you. I just turned down a bridge loan on a restaurant investment here in Georgetown some friends offered because the risk/return didnt line up well enough. But that's nothing compared to what yer dealing with--yer guy is making it up as he goes along and telling you the minimum he feels is necessary to keep you on the hook.

 

What do you have in writing?

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In case it's not obvious, you should get your money back.

 

BTW, what does your wife say? What does your other buddy say that got you in this deal to begin with?

 

My wife says that he is full of chit and we will be lucky to get our money back. She thinks he is cash poor and needs our money to stay afloat. Some of you folks have actually met me and I think you know that I am the sort of person that would not let somebody beat me out of $10k. I will pay $100k to get my $10k back just on principle alone. Thats just me. So, I wil be getting my money, one way or the other. and I dont care if its $10 or $10k. I am just wired that way, and my wife knows it, so she is bracing for a difficult situation. I am assuming that he has a check waiting on me until I discover otherwise.

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My wife says that he is full of chit and we will be lucky to get our money back. She thinks he is cash poor and needs our money to stay afloat. Some of you folks have actually met me and I think you know that I am the sort of person that would not let somebody beat me out of $10k. I will pay $100k to get my $10k back just on principle alone. Thats just me. So, I wil be getting my money, one way or the other. and I dont care if its $10 or $10k. I am just wired that way, and my wife knows it, so she is bracing for a difficult situation. I am assuming that he has a check waiting on me until I discover otherwise.

 

 

 

Chit if you need a couple of hard hitting boyz, T_bizzle, MC Skizzle and Dr. Cliiiaazz will be rollin up in yer hood with a couple of blow torches and some plyers to go to work on this mfer.

 

keep us posted dude.

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My wife says that he is full of chit and we will be lucky to get our money back. She thinks he is cash poor and needs our money to stay afloat. Some of you folks have actually met me and I think you know that I am the sort of person that would not let somebody beat me out of $10k. I will pay $100k to get my $10k back just on principle alone. Thats just me. So, I wil be getting my money, one way or the other. and I dont care if its $10 or $10k. I am just wired that way, and my wife knows it, so she is bracing for a difficult situation. I am assuming that he has a check waiting on me until I discover otherwise.

 

 

wait, this guys name isn't Oliver Iggy Anderson, is it?

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get your money immediately!! pm me if you want to hear the horror story that just recently happened to me. it will definitely make you want to get out!

 

if you stay in....get a contract drawn up by YOUR lawyer and form an llc of some kind.

 

:edit: on second thought....you dont want to hear my story casue you may go kill the guy tonight...just get out of the deal asap!

Edited by dmarc117
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So, my friend Tom and I go out to dinner tonight with our wives. Toms wife is an attorney who comes from a family with more money than God. I am not kidding when I say her parents house has 25,000 square feet! :D and are without question the wealthiest people I have ever personally met. (The reason I mention that fact is that this dude keeps trying to get info about Toms financial situation like how he affords his house, credit score, How much money her Dad pays her to NOT work, etc.) Anyway, she and this dudes wife are big buddies in some mothers group. So, she has learned alot more about him than I ever knew. And although he seems very nice and all, she doesnt trust him as far as she can throw him. And that is before this "deal" came along. So, needless to say I am uneasy about getting my money back. I think he was simply bluffing about "letting me out of the deal" because he knows that I think it has great potential.

 

Anyway, he had never told Tom that Tom and I would essentially be fronting the entire amount of earnest money AND letting him keep the remainder to use on other stuff. As I told Tom, "I thought this was a deal among friends, not a deal where I am his customer". And there in lies the rub. Its not the amount of the money obviously, but the principle of the dam matter. I simply dont trust this guy now. No matter what happens I dont feel like this dude has been completely upfront and forthright about this whole situation. And because of that, I dont want to be his partner in this or any other deal. I dont like to worry about my money or my friends. So, I will be giving him a call on Saturday.

 

Stay Tuned....

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So, my friend Tom and I go out to dinner tonight with our wives. Toms wife is an attorney who comes from a family with more money than God. I am not kidding when I say her parents house has 25,000 square feet! :D and are without question the wealthiest people I have ever personally met. (The reason I mention that fact is that this dude keeps trying to get info about Toms financial situation like how he affords his house, credit score, How much money her Dad pays her to NOT work, etc.) Anyway, she and this dudes wife are big buddies in some mothers group. So, she has learned alot more about him than I ever knew. And although he seems very nice and all, she doesnt trust him as far as she can throw him. And that is before this "deal" came along. So, needless to say I am uneasy about getting my money back. I think he was simply bluffing about "letting me out of the deal" because he knows that I think it has great potential.

 

Anyway, he had never told Tom that Tom and I would essentially be fronting the entire amount of earnest money AND letting him keep the remainder to use on other stuff. As I told Tom, "I thought this was a deal among friends, not a deal where I am his customer". And there in lies the rub. Its not the amount of the money obviously, but the principle of the dam matter. I simply dont trust this guy now. No matter what happens I dont feel like this dude has been completely upfront and forthright about this whole situation. And because of that, I dont want to be his partner in this or any other deal. I dont like to worry about my money or my friends. So, I will be giving him a call on Saturday.

 

Stay Tuned....

 

Y'know, politics aside, I've always thought you were one of the most intelligent and clever people on these boards. I can't imagine what inspired you to write a $10,000 check to this guy without the safeguards that to me would seem axiomatic. :D

 

There's not a chance in hell of me doing that.

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Y'know, politics aside, I've always thought you were one of the most intelligent and clever people on these boards. I can't imagine what inspired you to write a $10,000 check to this guy without the safeguards that to me would seem axiomatic. :bash:

 

There's not a chance in hell of me doing that.

 

I also have a 1/4 interest in a company that owns 4 golf bag patents. I will be more than happy to sell you my interest for 25 cents on the dollar! :tup: Oh yes, I also owned a bunch of HealthSouth bonds right before Richard Scrushy was indicted for cooking the books! :doh: And oh yes, I held some of lucent that I bought at $50 and sold at $15. :D And Bellsouth stock that I had bought from $35-$42, and it went to $18 the Monday after Worldcom went Tits up! :huh: On a positive note, I never had any interest in or owned any Enron, Worldcom, Adelphia, or Tyco! :clap:

 

Point being, let me disabuse you of any notion that I am clever. If you think I aint dumb, you better think again! :D

Edited by spain
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Here is the update:

 

I left the guy a voice mail this morning telling him that I was going to take him up on his offer to get out of this deal because it wasnt exactly what I had bargained for. I told him that we just needed to make arrangements to get me off the contract with the condo developer and for him to give me my $10k back.

 

So, he calls my buddy, Tom, who also tells him he wants out. He knew I was probably getting out but I think he was a little taken back by Tom bailing too. The dude then calls me and says he will have a check waiting for me on Monday as soon as I go by and sign another addendum with the Condo people. I say thats fine by me, I will call you on Monday when I have the new addendum. So, I may have been a little paranoid for nothing. But he never told me and Tom that we would front all the cash, take all the risk, and oh by the way, give him $5k a piece to invest in other chit until Q1 2008. But he understood my point and says he has my money. I will update after I get the check and it clears the bank.

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Here is the update:

 

I left the guy a voice mail this morning telling him that I was going to take him up on his offer to get out of this deal because it wasnt exactly what I had bargained for. I told him that we just needed to make arrangements to get me off the contract with the condo developer and for him to give me my $10k back.

 

So, he calls my buddy, Tom, who also tells him he wants out. He knew I was probably getting out but I think he was a little taken back by Tom bailing too. The dude then calls me and says he will have a check waiting for me on Monday as soon as I go by and sign another addendum with the Condo people. I say thats fine by me, I will call you on Monday when I have the new addendum. So, I may have been a little paranoid for nothing. But he never told me and Tom that we would front all the cash, take all the risk, and oh by the way, give him $5k a piece to invest in other chit until Q1 2008. But he understood my point and says he has my money. I will update after I get the check and it clears the bank.

 

 

As soon as he hands you the check I would go to HIS bank and have them give you a cashiers check.

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honestly, i don't think you will get your money back unless you bring litigation on this guy. like you said, you thought you were doing this with friends, and it seems you are more of a customer. that part alone would pi ss me off. you are taking it better than i would, i would already be planning the beat down.

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honestly, i don't think you will get your money back unless you bring litigation on this guy. like you said, you thought you were doing this with friends, and it seems you are more of a customer. that part alone would pi ss me off. you are taking it better than i would, i would already be planning the beat down.

 

LOL! Well, this dude played basketball at Vanderbilt and is 6'9" tall. But my friend Tom, who is from Morris County New Jersey and has that whole loud, cocky, mean ass Northeast Yankee thing going on, also played college basketball and he is 6'7" and is AlOT fiercer than the other dude. :D So, if there was ever going to be any beat down, it would be Tom crushing this other guy like a bug while I stand by drinking a Remi Martin and screaming "hit dat nigga again Big Tom". But honestly, it wont ever come to that. But I dont trust this dude at all now. He seems overly honest but he isnt. And the chance of me getting involved with him on anything else is ZERO, I dont care how good a deal it is.

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Since we know that spain is a big proponent of various hypotheses concerning how people's abilities and inabilities might be specifically linked to hereditary influences, let me put forth the notion that maybe spain's family is a carrier of a certain type of DNA marker.

 

:D

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Since we know that spain is a big proponent of various hypotheses concerning how people's abilities and inabilities might be specifically linked to hereditary influences, let me put forth the notion that maybe spain's family is a carrier of a certain type of DNA marker.

 

:D

 

:D

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Here is the update:

 

I left the guy a voice mail this morning telling him that I was going to take him up on his offer to get out of this deal because it wasnt exactly what I had bargained for. I told him that we just needed to make arrangements to get me off the contract with the condo developer and for him to give me my $10k back.

 

So, he calls my buddy, Tom, who also tells him he wants out. He knew I was probably getting out but I think he was a little taken back by Tom bailing too. The dude then calls me and says he will have a check waiting for me on Monday as soon as I go by and sign another addendum with the Condo people. I say thats fine by me, I will call you on Monday when I have the new addendum. So, I may have been a little paranoid for nothing. But he never told me and Tom that we would front all the cash, take all the risk, and oh by the way, give him $5k a piece to invest in other chit until Q1 2008. But he understood my point and says he has my money. I will update after I get the check and it clears the bank.

 

 

 

dont sign anything til that check clears....

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I also have a 1/4 interest in a company that owns 4 golf bag patents. I will be more than happy to sell you my interest for 25 cents on the dollar! :tup: Oh yes, I also owned a bunch of HealthSouth bonds right before Richard Scrushy was indicted for cooking the books! :doh: And oh yes, I held some of lucent that I bought at $50 and sold at $15. :D And Bellsouth stock that I had bought from $35-$42, and it went to $18 the Monday after Worldcom went Tits up! :huh: On a positive note, I never had any interest in or owned any Enron, Worldcom, Adelphia, or Tyco! :clap:

 

Point being, let me disabuse you of any notion that I am clever. If you think I aint dumb, you better think again! :bash:

 

Well, clever in a literary way anyhoo. You must have had some good investments somewhere. Oh yeah, one other tip: Listen to your wife. :D

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...relatedly, spend the couple hundred dollars needed to have a good real estate attorney review this addendum and all other documents to make sure you are, in fact, off the hook...

 

And, you may want to consider having him put together some sort of very short (1-2 page) document that you'd have the shady dude sign that would say, in effect, that "I, Jeff Spain, have no economic interest in the profits or economic responsiblity for any losses incurred by Mr. ___________________ as it directly and indirectly relates to the activities related to the property locateed at ______________________________. Previously, Jeff Spain and given $10,000 to Mr. ______________ to acquire an ownership interest in said property, however, pursuant to a verbal agreement, Mr. _______________ has returned the full sum of $10,000 in a form agreeable to Mr. Spain. The return of these funds removes, Mr. Spains responsibilty for any debts, interest, taxes, losses or liens and eliminates Mr. Spains demands for any portion of profits, interest, rents, or other forms of income or profits."

 

...or something like that...

 

And have the other dude sign it.

 

PS -- The idea of converting the check into a cashiers' check PRIOR TO signing any documents is probably a good idea ... however, it would be MUCH more efficient to require the other guy to simply give you a cashiers' check. HOWEVER, if he does give you a cashiers' check, make sure it's drawn on a local bank; you may want to even call the bank that issued the cashier's check to make sure that it was issued by them. Nothing worse that getting a fake cashiers' check after having signed documents that you think absoluve you of risk and remove your profit opportunities...

 

Good luck.

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