Posted by Christine on January 21, 2004 at 18:10:33:
I gave this guy good advice to use accurint to check on a partner, because that is what I did. He did not appreciate my advice and sent me a very bad e-mail.
He said that I said nothing about lease options. His question was about due dilgence and business partners.
what due diligence should be done on partners? - Posted by Jimmy
Posted by Jimmy on January 21, 2004 at 08:20:24:
How can I get comfortable with working with someone?
What is reasonable to ask for (or to do myself) before we strike a joint venture or start to do deals together? (credit check, financials, criminal record check…?)
My gut feel is that he’s a great guy and a shrewd business man. But what due diligence is appropriate and sufficient?
Re: what due diligence should be done on partners? - Posted by Elizabeth
Posted by Elizabeth on January 23, 2004 at 17:24:47:
First, if your partner is the money man, request proof of funds. Acceptable proof of funds would be a letter from a mortgage company that Mr. J has a mortgage commitment of up to $xx, or a letter from a funding company or bank that says Mr. J has a line of credit up to $xx. If you are not sure of the authenticity of the funding company, verify its info with your State Banking Dept. Don’t worry about offending anybody. An experienced investor will expect you to ask for this. Secondly, put your agreement into writing - memory is very selective when it comes to money. There are many forms of agreements available, some on this site. But I think the bottom line is that your partner should be someone you are already in contact with. It’s okay to be trusting, but verify everything.