Partnership - Posted by Paul Reed

import · May 23, 2005, 9:15pm

Posted by Bill H on May 26, 2005 at 08:55:36:

Paul:

To echo River City and you…“You did the right thing”…if he cannot manage his own $$$, he will be even less inclined to manage yours.

Good Luck,
Bill H

import · May 23, 2005, 9:15pm

Partnership - Posted by Paul Reed

Posted by Paul Reed on May 23, 2005 at 21:15:46:

one of my friend bought 2 adjacent lots with cash and trying to build on his own. He does not have a very good credit so he wanted me go partnership with him for the construction. I would basically provide him the financial side for the construction and then split it once the buildings are sold. He is willing to add my name to the land’s deed. Is this ok or you Guru’s think I am inviting trouble.

Thanks in advance.

import · May 25, 2005, 11:25am

Re: Partnership - Posted by River City

Posted by River City on May 25, 2005 at 11:25:02:

One BIG red flag is his poor credit history. Obviously he cannot manage his money. What makes you think he can manage yours? And don’t say he won’t because that is exactly what he will be doing. I would turn and run away as fast as I could and not look back.

import · May 25, 2005, 11:49am

Re: Partnership - Posted by Paul Reed

Posted by Paul Reed on May 25, 2005 at 11:49:33:

Appreciate your response. As I was digging for more details; that is exactly what I gathered too. I can explain all the details here but in short-I did run away as far as I could.

Thanks again.