New Investor Question - Posted by Elizabeth

Posted by chris on May 14, 2000 at 05:38:29:

Elizabeth-

I hope you have a written agreement. Without one, the different parties can come up with differing ideas of what the agreement entails as time goes on.

I’m having a hard time figuring this out also. One suggestion would be to contract the Legal Aid people in your area who offer free legal assistance. If you could arrange a meeting with them to review your contracts that would be beneficial to yourself. In the future please have an attorney review any agreements or paperwork you will have to sign to ensure it is in your best interest and clear about any obligations. This may seem expensive, but in cases like this it is cheaper to spend a few bucks now, than many more later.

This newsgroup is more geared towards questions about various gurus. Many of the investors who could be helpful to you may not see your post here. You can go over to the main newsgroup and repost at this link:

http://www.real-estate-online.com/wwwboard/index.html

-Good Luck,Chris

New Investor Question - Posted by Elizabeth

Posted by Elizabeth on May 12, 2000 at 13:24:14:

I am a new investor and am currently in a partnership (lease /own option) with 3 other people. I investested a small amount and thought the best way to learn is jump in and apply my reading as I go along. I think I made a mistake. The home has been rented since January but I have yet to see income. I did receive a balance sheet but if I understand this correctly… the balance sheet reads

Liabilities and capital

Current Liabilities
Me (notes payable) - $ amount of investment
Morgage payable - $amount of morgage

Capital

investor #1 20.00
investor #2 35.00
investor #3 8,900.00
Net Income

total long term liabilities $2243.54

I don’t claim to know how to read a balance sheet but this looks like I am a lender rather than an investor like I was the verbal agreement.

thanks