I would have gave you 120K for the land before you lost it. I love short Sales.

From a business stand point, he lost the property after he missed three months.

From a friends stand point your screwed you are now short a friend because you did business together which is a big NO NO in the first place.

Sucks but that's life.

You let it go 2 months past the contract and knowing you, you would have given him a lot more than that if you were able to.

Being 5 months late is one thing.....Treating YOU like shit when HE is in default is another.

Top that off with the comments he made about only being your friend because you paid for things. No, fuck that and double fuck him for even thinking you owe him a dime.

Spot on. :thumbsup :1orglaugh:1orglaugh

you legally can't pay it, end of story.

Just pay it and move on...

It sounds to me like the best move Jman could have made, assuming of course he was in a position to do so, was to take over the deal himself, then sell the land for profit (I've seen posts from several on this very board interested in it and willing to pay more than $100k).

He could then take all of his original investment back, out of the profit of the sale, and also have had enough left over to send some money your way to help you out in your time of bankruptcy woes, you know... to salvage the friendship.

Too bad it didn't happen that way.

So I'll say this: you both knew the risks going into it. When the worst case scenario happens both parties have to suck it up and share the loss, not just one.

I do know that until one of you makes a bold move to make things right with the other you're going to be sniping back and forth on this board for a long long time to come I'm sure.

It sounds to me like Jman was never in a position to do that which is why Sleazy made the down payment in the first place.

Without meaning to downplay the significance of what 15k obviously means to Jman, the true loser in this deal was Sleazy. Not only does it appear he spent MORE than 15k on Jman through his own generosity, Sleazy lost someone who he thought was a friend and even worse it turns out, was never really much of a friend in the first place.

Sleazy spent 15k and lost a friend. Jman ONLY lost 15k.

never work with friends... and never work with family!!

:thumbsup:thumbsup:thumbsup

Fuck him Sleazy, whether you went bankrupt or not, once he passed that 3 month mark, his shit was over.

Fuck $2500 he couldn't even pay? I'm pretty sure some of the sig whores here could have made that no problem!

He was using you.

I wouldnt give back a dollar. Unless ofcourse you gave him the Madoff. But if his money went into a legit business deal that went sour. Especially if you lost a bunch of your own money. It is not up to you to give the money back. It is up to the investment. This is business 101.

Isnt J-man the dude who always showoff his stats and how much money he makes?

I don't get why he stopped paying. Was it because you weren't paying your share either so he figured, whats the point? If his failure to pay was his own issue then he would of lost the property if he had gotten a loan from the bank anyways so there is no reason why you should have to pay him back when its partly his fault for lack of payments in the first place.

Wow! Lost the whole thing over not being able to pay 500/month on the loan?
I'm not a big player but even I can afford 500/month I'd like to hear his side.

First of all, you might call it a rent to own but that is not what you two did. You were partners. He wasn't renting anything, and he was only going to be a part owner.

You two partnered on a purchase of investment land. Your contribution was:
- get a loan with the bank
- put down down payment needed to get loan
- make monthly payments

you took the risk of going default and jeapordizing your credit. If you hadn't gone bankrupt but was still in a bad financial position and he defaulted on his payments, then the bank would have foreclosed on you and ruined your credit because he didn't keep his end of the deal. It didnt turn out that way exactly, but that was a risk you were taking since you put it in your name and trusted him to make his share of the payments.

His contribution:
- make monthly payments.

He either didn't want to be on the loan, didn't want to get the financing in his name or couldn't get a loan. Either way you took the risk of getting the mortgage in your name and he new the risks if something happened to you financially.

Prior to you filing bankrupcy it seems like he should have been able to work out a deal with the bank. You had 100K piece of property that you only owed what 60K? on. He should have had the option to either pay it off or set up a new mortgage with the bank. If you paid in 30K orginally and he paid about 15K over time, he would have basically bought a 100K piece of property for 75K (60K balance and 15K he already spent).

Bottom line, if you couldn't continue on it with it he had a choice to either step up and finance it himself or walk away.

Although it sounds like he not only did neither but he defaulted on the $500 a month payments a couple months before you lost the property.

I don't see any way which you would have screwed him or owed him an apology. He knew the risks, he had options to fix it, and he stopped sending you payments. Sounds like he owes you an apology. :2 cents:

They both FAILED on talking about the "worst case scenario" ahead of time. Before I get involved with any investment I run the worst case scenario through to see what happens. If another person is involved we go over the "what ifs" and it is put into a contract. What if Scott can't pay the bank. What if Jay can't pay his share, etc.. etc.. were all things that should have been explored and agreed on upon getting in bed together. Then if one of those things happen you not only know how to handle it but no one can get pissed.

careful will76, people will think we're in love

Shit that's fucked up!

You'll have that.

Interesting thread...

Sleazy did manage to keep this land. He puts little micro houses on them I think.

it's the other way around. he moved to live in a trailer park