Posted by Ed Garcia on March 20, 2001 at 21:23:27:
Rich,
It looks to me as though your investor was using the vendor as an excuse to get out of the deal. Rich, You’re running out of time. One food for thought, you new partner doesn’t have to have money, they could just have good credit, and assist you in cash flow. With good credit Rich, they could borrow money to resolve the problem.
Meanwhile, because of your sense of urgency, I’m going to send you by private e-mail of my hard money findings this far. Rich I’ve been so busy, I haven’t even opened some of them, and so you can look them over.
Also, the guy who had identified his self as a hard Money Lender is very suspect. Rich, Hard Money Lenders can’t even spell Business Plan and would never ask for one.
Hi Ed,
How goes it? I was wondering if you ever got your list of hard money lenders together. I had a guy contact me, after reading my posts, and said he said he was a hard money lender and he could help me out. The first thing he wanted was my S.S. #, along with my tax returns and everything else that a typical mortgage broker wants. He wanted a copy of my business plan too. Then he tells me he charges 10% origination fees. I said fagettabout it…if you know what I mean.
I have around $100k in equity in two properties. Is there anyone that will lend $30k for $100k, strictly equity based?
Thanks. - Rich
BTW, the guy with the game room idea, fizzled at the starting gate. He wanted a guarantee from the vending company that we would do ‘X’ amount in income each month, but naturally, the vendor said it would depend on how many customers we could attract. My investor thought the vendor should be able to give him a more precise number, so he walked. He wanted a lock.