Posted by JoeKaiser on February 18, 2001 at 01:37:22:
Jim,
We make it a point not to do business with relatives and acquaintences. Otherwise, things tend to get complicated. And, if you do make a buck or two in the process, you’ll never hear the end of it. Hurt feelings, and all that other jazz . . . you probably just don’t need it.
Joe
newby at it again - Posted by Jim
Posted by Jim on February 17, 2001 at 21:51:25:
been away from REI for a while to take care of family matters, and have started reading and “snooping” around a little. An aquaintance of mine is moving to Oregon and mutual freinds have stated that they think he’s walking away from his house. Not sure at this point how far behind his payments are or condition of house but he’s leaving on Monday. I know I should be trying to get the deed but not sure how to proceed and what I’d actually do with it if I got it.
Also, another friend moved to LA 6 months ago and his house still hasn’t sold. Have you ever entered into LO agreements with friends or do you try to keep that out of the “mix”. house is listed in the 235K neighborhood after several reductions in price. I heard rumors that the reasson for no sale is it only 3 bedrooms but sits on a 1.5 acre lot. Nice house just short one BR. Great finished family room in basement.
Any thoughts, comments, snide remarks are welcome. (Remember you dealing with a rookie here that still tends to get paralized with analysis) Thanks. Jim.
Re: newby at it again - Posted by Mike C
Posted by Mike C on February 19, 2001 at 15:11:33:
I couldn’t agree more with Joe. However, if you introduce your friend to someone in your local investment club, you might get your buddy out of the house and earn some “goodwill” with another local investor. Later, when the local investor is too deep in deals (it happens), he might send one your way.