Re: Quitting IS the solution… - Posted by Ed Garcia
Posted by Ed Garcia on March 16, 2001 at 10:55:22:
Thank you for believing in me, but you’re the one who’s in trouble and has their butt on the line. The reason I say that is to tell you, that I BELIEVE IN YOU.
Rich, don’t get a BATTLE confused with a WAR. To be in trouble on this deal wouldn’t mean that you couldn’t do other deals. If you should lose it, it doesn’t mean that you’re a quitter either. But I no longer want you to be a victim of circumstances, so let’s talk about your deal.
There is no question that you have a property with equity and you’re fighting to save it. The problem with your deal is that even if you come up with $7,700 you don’t have a GAME PLAN, and if you did, you don’t have the financial ability to carry it through.
Here’s what I would do, and I would do it today. I would call up the potential partner and tell him that you would like to have a meeting with him.
In that meeting I would tell that individual that I’m sorry about his misfortune with the stock market, but that you can give him an opportunity to recover. I would then tell him that he could become your partner with just $8000 down. Tell him that you are willing to take the $8000 down and carry him for the balance until the two of you get the property up and running. Tell him that you think his idea is a good one, and that if the two of you could work together, you could make the building a winner, by him using his credit to refinance the build etc. and that the both of you will benefit by pooling your resources, you the building, him, cash and credit.
Rich, if you don’t have a solid GAME PLAN to save this building, then Bankruptcy may not be beneficial to you. I’m sorry that I’ve been so busy, and not able to concentrate on your problem, but as for now, time is of the essence. You’ve got to work with what you have, so go back and rework this potential partner. Remember, a half deal is better than no deal, besides, you’ll be saving your credit.