Localfund.com - All about Fund and Investment
*Home>>>Money Investment

Do I have a right to get my money back?


As being a hardcash lender for real estate investment. A broker borrowed $30K to flip a house and I charged him 15% which is about $4500 profit and the next day he lost $30K. I dont know how, but can I force him to pay me back?

I don't know what you mean by he lost $30K. If you are a hard cash lender, then I am assuming you had him sign a note for the $30K plus the 15%. I hate to give Free consulting, but here it goes. Whenever you lend on a home, your loan is secured by that home. So, you would file a lien on the property. Then when he goes to sell or refinance the new lender will force him to pay it, becuase they can't have liens on the property. The title company will contact you for a payoff. At that time you would include the $30K plus the 15% plus any additional fees your written contract allows you or other fees of non-payment that are reasonable if you don't have it in writting. Good luck.

sure as long as you have all of this in writing and none of this "he said she said" stuff -- course the problem you might have is like the old saying "hard to get blood out of turnip" but i would hound him tell you know what freezes

Tags
  Online Business   Offshore Investment   Mutual Fund   Money Market Funds   Money Investment   Managed Fund   Make Money   Low Risk Investment   Long Term Investment
Related information
  • How can I find a list of foreclosed homes in the ATL area and begin purchasing investment property?

    Countrywide's website has a list of their foreclosed homes.

    ...
  • WHat is the best way to structure your mortgages if you have a buy-to-let investment?

    Most buy-to-let Mortgages are Interest Only. This is because :- 1) Lower payments .. the lower the payment, the higher the value of house(s) you can 'own'. 2) Interest (but not capit...

  • Do you ever have to pay tax on inheritance money from a family member's death?

    If you got a 1099 form for it I am pretty sure you have to claim it as income, in one way or another. I would recommend talking with a tax preparer, it may cost you about $100.00 to have your taxe...

  • Would buying a timeshare in a tropical area where property value is growing or stable be a good investment?

    I read an article online a few months ago. It said that values of timeshares have historically gone down so they make crappy investments. Take a look at some of the online timeshare exchange site...

  • I have $20K. Should put it into my mortgage principle or use it as a down payment for investment property.?

    Your payment will not go down much by putting that amount into principal, unless you re-fied and put that as money down, you could get a better rate. If you are already set up with a decent loan on...

  • I make Bio-Diesel at home. Are there any tax advantages I can use? Can I write off my investment ?

    Good question. If you were selling it you could claim this as a home business. You have to be careful with this as it raises red flags with the IRS. Although home businesses are legal to claim...

  • I just bought some life insurance, and I'm twenty..whole life...$37 monthly...50G,.is this a good investment?

    no its not!! squash that..and look into it some more..might want to get a professional to help you..shop around carefully! Good Luck

    ...
  • All the so called self help gurus claim they can help u make money but to save the stake to start ?no! sugs?

    Don't know if this helps but I just picked up a report which claims to show you how to double your way to a million dollars starting with nothing and without spending a penny of your own. I�...

  •  

    Categories--Copyright/IP Policy--Contact Webmaster