Posted by Natalie-VA on July 10, 2007 at 05:49:13:
John,
You really need to hire a lawyer in the area where the property is located.
–Natalie
Joint venture/ Building homes in Arizona - Posted by John
Posted by John on July 09, 2007 at 04:01:27:
Dear Sir or Madam
I was wondering if you or anyone could help or advise as I am at a loss and feel I have been conned albeit my own fault? I am just an ordinary working class man who has a family I live in Scotland & I inherited a piece of land in Arizona some yrs ago and never done anything with it until recently, over the years I became friends with a guy from CA who moved to Arizona and asked me if I was interested in a joint venture /project/partnership He asked me what I was going to do with the land and would I be interested in building a cpl of houses on it as I owned 8 acres of land my friend asked if he got the money for the houses would I be interested in building 2 houses on the land and selling them and we would split the profit from the sale of both houses 50-50 he told me we would each get around $100,000 profit from each home. As I am not a businessman I was unsure of this venture but agreed to go ahead anyway. He built the 1st house on 4 acres of land and sold it, but I never received any money from the 1st sale as he said there where allot of problems unforeseen things happened therefore no profit from 1st house but assured me from the 2nd house sale we would make alot of profit as the same mistakes he made on the 1st house would not be made on the 2nd?
- Anyway what I would like to know is could you help or explain what I need to ask for as I would like copies of all receipts or breakdown of costs etc on the project or can you explain to me what I should be asking for?
- Is there any paperwork I can ask for which can help explain where all the money has gone?
- Is there any advice you can give me regarding the 2nd house as its nearly completed and will be put on the market for sale in the next few weeks is there anyway I can make sure that I get my fare share of any profit.
- I have read on the net about putting a lean on the house but not to sure what this means or if this would benefit me in anyway
I hope you will spare me some of your valuable time and knowledge thanks in advance hope to hear from you soon
Could you also explain what HUD & ESCROW papers are ? & would it help if I got hold one or both of these papers?
Thanks again
John