No Good Partners - Posted by JERRY

Posted by Jim FL on June 29, 2003 at 02:37:05:

Dear ?,
First things first.
Turn off your caps lock key.
Typing in all caps signifies yelling, and in this case, perhaps it is warranted.
However, it makes reading your post very diffucult.

Frankly, because the person threatened you with a weapon, based on what you describe, I would think this has become a police matter.
A call to them to insure your safety would be prudent, the heck with the deal.
Do that in civil court once the guy has been arrested and is safely locked away.

Be careful.

Honestly, this is not the place to turn for this type of situation, this is a discussion group/board for talking about investing.
Your post, while a deal, partner and a house are involved, is hardly something we could help you with from afar.

Good luck,
Jim FL

No Good Partners - Posted by JERRY

Posted by JERRY on June 29, 2003 at 01:42:54:

I AM PRESENTLY AT THE END OF A THAT DEAL TURNED OUT TO BE ONE OF THE WORST EXPERIENCES I’VE HAD IN A WHILE. I PARTNERD UP WITH A GUY WHO WAS A REAL JERK, I WENT OUT FOUND A PROPERTY WITH OVER 130,000 IN EQUITY HELPED WITH CLOSING COSTS AND I PUT THE DEAL TOGETHER FOR NO MONEY DOWN. I INITIALLY WAS GOING TO DO THE DEAL ALONE HOWEVER I RAN INTO A GUY WHO WAS MOTIVATED TO REHAB THE PROPERTY WITH ME AND MAKE A PROFIT, HIS AGENDA CHANGED IN THE MIDDLED OF THE DEAL AND SOON HE WAS ACTING RUDE AND ARROGANT, KEEPING IN MIND HE NEVER REHABBED OR FLIPPED A PROPERTY A DAY IN HIS LIFE, I AM VERY UPSET WITH THIS GUY BECAUSE HE LED ME TO BELIEVE HE WAS A BUSINESSMAN WHO COULD TAKE THE PRESSURES OF THE BUSINESS BUT HE WINED THROUGH THE WHOLE ORDEAL AND EVEN BROUGHT A GUN TO THE WORKSITE STATING THAT HE WOULD USE IT IF SOMEONE EVER CROSSED HIM I BROUGHT THE GUY ALL MY CONNECTIONS REGARDING ALL MY PLUMBERS ELECTRICIANS AND CONTRACTORS HE BROUGHT NONE, AND INSISTS THAT HE FEELS LIKE HE IS DOING ALL THE WORK ON HIS OWN, HE WANTS TO SIT AT THE PROPERTY ALL DAY AND WATER THE GRASS EVEN WHEN NOTHING IS EVER GOING ON. WHAT SHOULD I DO? ANYBODY HAVE AN ANSWER TO THIS PROBLEM?

Partners??? (Newbies should read) - Posted by Stew(NE)

Posted by Stew(NE) on June 29, 2003 at 09:12:15:

I know that we are only getting your side of the story, but there is a lesson for us all in this. What is a partnership? I have always maintained if two or more people aren’t bringing something unique to the table, it isn’t a partnership.

I WENT OUT FOUND A PROPERTY WITH OVER 130,000 IN EQUITY HELPED WITH CLOSING COSTS AND I PUT THE DEAL TOGETHER FOR NO MONEY DOWN

So, I am assuming you needed help with closing costs. You needed a HML or investor not a PARTNER

HOWEVER I RAN INTO A GUY WHO WAS MOTIVATED TO REHAB THE PROPERTY WITH ME AND MAKE A PROFIT, …
KEEPING IN MIND HE NEVER REHABBED OR FLIPPED A PROPERTY A DAY IN HIS LIFE

This speaks for itself

I AM VERY UPSET WITH THIS GUY BECAUSE HE LED ME TO BELIEVE HE WAS A BUSINESSMAN WHO COULD TAKE THE PRESSURES OF THE BUSINESS

This was a jugdement error on your part. What are you going to do to your thought process to have better judgement next time.

I BROUGHT THE GUY ALL MY CONNECTIONS REGARDING ALL MY PLUMBERS ELECTRICIANS AND CONTRACTORS HE BROUGHT NONE

Again, nuff said.

I AM PRESENTLY AT THE END OF A THAT DEAL

So if you are at the end of the project and you actually had a partnership agreement (I assume that you don’t because in it you would have spelled out how to buy the other guy out), try to buy him out. If you mean you are at your wits end, I apologize. Sorry, I don’t have any real advice just trying to learn from your experience.

I think Jim is right about the police