Posted by Ed Garcia on May 11, 2008 at 11:05:27:
In Reply to: I have money to spend now what! posted by Rich on May 10, 2008 at 15:09:55:
Rich,
I have the same concern as brandoncbsre does. By the way you’ve made your post, it doesn’t give me any confidence that you know what you’re doing.
Rich I’ve been a Real-estate Investor for 35 years and in financing for 39 years. I can tell you that no body has ever lost a penny with me.
I’m sure you have no intention of hurting your girlfriend’s mother, but your failure could be devastating to her, so let me tell you how to protect her.
Before I do, you make no mention of your experience, your credit rating or personal financial strengths, or how you structure your deals? If by chance brandoncbsre and I are mistaken and you’ve been flipping for a few years successfully then by all means I apologize for misreading you.
There are two foods of thought when dealing with investors. Some flippers may take their investors money, only protecting themselves and throwing their investor to the wolves in the event of failure. Others will protect their investor as the golden goose not only protecting the investor, but allowing them to acquire additional investors because they have proving themselves to be reputable with a track record.
My suggestion is to secure your loan from your girlfriend’s mother with the houses as you buy them. If you should implement financing in addition to your girlfriend’s mothers using her money for down payment and fix-up, I would then at least put her in second position in order to securitize her and protect her.
If you would like to know more about what I’m talking about and get additional information towards your financial growth in addition to protecting your girlfriend’s mother as well as any other investors you may acquire in the future. Feel free to call me at (909) 944-0199 and after a few questions I will be glad to advise you accordingly,
Ed Garcia
- i need a partner VICKI SNYDER 01:07:50 05/28/08 (0)