Re: I have an offer - Posted by Ed Garcia
Posted by Ed Garcia on March 11, 2001 at 17:30:52:
JohnBoy,
You can pay at the door, you contribute too much to this site JohnBoy, for us not to accomidate you.
If they’re sold out, then I’ll give you my spot. You’ll be on stage sunday morning for 21/2 hours so you better brush up on what you’re going to talk about.
(Smile)
Ed Garcia
Re: I have an offer - Posted by JohnBoy
Posted by JohnBoy on March 11, 2001 at 13:06:16:
Assuming he is willing to give you $45k for half interest in the properties and split all expenses down the middle, including the mortgage payments on the properties, which would be paid from the income on the rental and the business income on the commercial property, then it sounds like a good deal for you at this point.
He’s paying $45k to get 50% equity of $72k right now, plus 50% ownership in all future appreciation and profits earned, plus split all costs involved, which would hopefully all be covered from the income produced and leave you both with a profit to be split each month once the business got up and running!
Rich, under the circumstances your dealing with, this sounds like a great deal for you and could be a blessing! It sure beats the alternative!
Just make sure you get EVERYTHING in writing, including all the little details on who’s responsible for what…what is to happen in the event of a fall out between the partners. The properties and business would need to be sold and all proceeds left over would be split. Or if one partner wanted to keep everything, how much they would have to pay the other partner to buy them out, etc. Make sure everything is spelled out in the partnership agreement so their isn’t any legal garbage to deal with later should the partnership not work out. Aside from that, I would give some serious thought to moving forward with it under the circumstances, providing you can come to an agreement on all the terms and live with that!
This could be the answer to your prayors. I like the sound of the pool hall and arcade thing! If you get those storage units all rented that would cover your mortgage and leave more profits from the business end! It sounds like there’s a lot of promise is this approach for you. See if you can come to terms on all the details pertaining to the partnership and go for it!