Re: Would like advice please regarding flipping houses

flaneurs_lobster

Andrea2528 said:

This person states that he's hoping to flip the houses very quickly and that he would be able to do several in a year

This is getting towards taking the urine, gonna report this thread as spam

Andrea2528

This is absolutely not spam

Hoenir

Andrea2528 said:

The person who he is lending to has stated that he will get his money back with 10% of the investment even if he has to sell his own assets

People say lots of things they've no intention of going through with. 

Andrea2528

I think that it sounds risky too but he is adamant to want to go ahead with it and he thinks he is safe with a first charge in place.  Thing is I know that this person has got a lot of assets since he purchased one of them from partner

Andrea2528

Partner is telling me to state that his solicitor is guaranteeing him that he will get 10% on his investment

trickydicky14

Andrea2528 said:

This is absolutely not spam

what a load of processed pork and ham.

eskbanker

Andrea2528 said:

Partner is telling me to state that his solicitor is guaranteeing him that he will get 10% on his investment

How can that be guaranteed in any meaningful sense?  Have you seen the relevant paperwork?

Bigwheels1111

Guaranteed 10%, why not 30% or 50% then I'm in.

Say good bye to your money, end of discussion.

Andrea2528

So then a first charge doesn't provide security for partner's investment if the person he is lending to has assets that are worth at least double that amount?

Hoenir

Andrea2528 said:

So then a first charge doesn't provide security for partner's investment if the person he is lending to has assets that are worth at least double that amount?

No it doesn't.