I Have A Huge Score, Can I Do It? And How Do I Do It?

Real estate is not the monster it once was, but here is a monster deal that was offered to me. I have one week to get it done, or it moves...Only because and only because, the owner of the house is my golfing partner. " I am a scratch golfer, and we play others for 2 to 10 thousand a round".

He has sunk 3.1 million into a huge house built from scratch, his funding is completely tied up, and he needs another 700,000 to finish the house. We already have an appraiser that is punching the house up to 6.2 million contingent upon the $700,000 in finishings.

That puts the total investment up to 3.8 million with 2.4 million in equity after the appraisal...He is willing to give me the $700,000 back with an additional $800,000..I know a loan around 700,000 will cost about 800,000...The constuction will take 3-4 months to be completed.

What are my options? And can I make this work?.....Please if anyone has a great idea, I am not greedy. You can come to Bloomfield Hills Michigan personally to see the Mansion.

Give me a post, and if anything I will ask a Moderator for e-mails.

Regards,
Allworld

OMG... my sister is a loan originator in Mich... I shit you not... she was telling be about a house a few months ago that they guy kept dumping money into... the project kept growing and growing... she couldn't believe how the guy kept finding people to loan him money with no end of the project in sight...

I'm pretty sure the place was in bloomfield...the guy had millions in to it (actually it might have been a husband/wife team) they kept adding and adding... multible buildings... they would get the ok from a lender and then the money, instead of using it to finish the house they used it to expand... crazy.

anyway she was telling me what a mess it was gonna be if the guy couldn't find the money to finish... a lot of banks and people all had claims to the property... anyway wonder if your deal is even closely related to my sisters story???

crazy crazy

buddyboy said:

OMG... my sister is a loan originator in Mich... I shit you not... she was telling be about a house a few months ago that they guy kept dumping money into... the project kept growing and growing... she couldn't believe how the guy kept finding people to loan him money with no end of the project in sight...

I'm pretty sure the place was in bloomfield...the guy had millions in to it (actually it might have been a husband/wife team) they kept adding and adding... multible buildings... they would get the ok from a lender and then the money, instead of using it to finish the house they used it to expand... crazy.

anyway she was telling me what a mess it was gonna be if the guy couldn't find the money to finish... a lot of banks and people all had claims to the property... anyway wonder if your deal is even closely related to my sisters story???

crazy crazy

Click to expand...

I ALREADY STATED IT WAS IN BLOOMFIELD........ASK YOUR SISTER TO GIVE ME THE LISTING OR THE ADDRESS. I WILL THEN MATCH IT TO MY FRIENDS HOUSE..I WOULD GREATLY APPRECIATE THAT...SERIOUSLY....PLEASE GIVE ME AN ADDRESS, I GIVE YOU PERMISSION TO E-MAIL A MODERATOR FOR MY E-MAIL....

THANK YOU,
ALLWORLD

Bumping here...

i live here in mi also, but wish to ask you this 1 question, can you really trust the guy? i would hate to see you get taken advantage of. for one: it just sounds to good to be true. second: your making deals on a golf course. any chance the guy is in the mob? tony soprano ring a bell? lol j/k. but you might wnat to think twice about it. anything you have to think about longer than 1 minute probally is not good for you. i remodel homes myself and have seen alot of scams out there. just be VERY careful my friend......

How can you prove you have legal stading on the property. Do you transfer him the money? For the amount you are betting on the golf course he can say you owed him a debt. What legal recourse do you have against him.

If it is too good to be true, it probably is!

Do you have a lawyer?

Do you consider him a friend?


If yes, then do not even consider it.