Posted by Leon on May 11, 1999 at 24:30:12:
Mike, thank-you that’s very good info. More specifically, you mean you would have a hard money lender put up your ernest money deposit or are you using your personal contacts money?
Leon
Looking for partners - Posted by Raphael/Phila or Maryland area
Posted by Raphael/Phila or Maryland area on May 09, 1999 at 15:06:31:
Looking for investment partners in Maryland or Philadelphia areas.
Re: Looking for partners - Posted by Mike Oldfield
Posted by Mike Oldfield on May 09, 1999 at 20:47:40:
I have had good luck with five types of wealthy investors for partners
Lawyers who run their own small private practice
Doctors who have more money than time
Fat, Well fed Furniture store owners
Dentists
Accountants
I write them letters about what i do and they write back, call, or have their rep call me for details. Sometimes they have clients that are looking for investments.
Your only mistake - Whats this about you providing out of pocket. Wrong-O. You do the work they put up the cash. You split the profits.
Good Luck
Mike Oldfield
Re: What about ernest money deposit? - Posted by Leon (NC)
Posted by Leon (NC) on May 10, 1999 at 10:50:03:
Mike, how do you work with or get around the ernest money deposit. Investors will be there with the money but you are the one submitting the contract. Can you give some typical examples. Thanks.
Leon
Re: What about ernest money deposit? - Posted by Mike Oldfield
Posted by Mike Oldfield on May 10, 1999 at 22:52:10:
If it were me when I approach my investor for the first time I would set it up so all operating funds except advertising,telephone, gasoline and office supplies come from the investor.
As for earnest money I never put it up. On our real estate boards standard contract there is a place for earnest money on acceptance. I ALWAYS GO THIS WAY. If the offer is accepted have the investor put it up. If it is not accepted then you dont need one.
Good Luck
Mike Oldfield