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May 26, 2012, 02:24:06 AM

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Real Estate Investing Forums  |  Real Estate Investing  |  Bird Dogs, Wholesaling, Flipping Properties Forum (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas, motivatedceo)  |  Topic: Newbi, is this too good to be true? Does this sound legit? « previous next »
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Author Topic: Newbi, is this too good to be true? Does this sound legit?  (Read 451 times)
dcross
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« on: October 31, 2011, 02:33:02 PM »

Hello everyone, I'm dcrosby and I'm a normal working 8-5 man with a wife and two children. I had interest in real estate years ago but i lost interest due to other career adventures. Well my interest for this busness has come back and here is the story behind it. My mother has meet this man(Through a friend) who claims that he owns all kinds of proberties, land, houses, trailors and stores. He also stated that he has bulldozers and mowers and lots of equipment. He states that he is 70 years old and he is tired of the work and wants someone to pass his business to. He says that he want to pass it to me. I ask him why would he choose a perfect stranger to pass his business to ? He told me that my mother told him that I was a high charactor christian guy who could be trusted.
He told me that alot of people has taken advantage of him. (I wonder how). Anyway he seems to be overwelmed with work, my mother stated that he is always going back and forth to homedepot working on houses. This makes me wonder is this guy trying to really bless me? or is he trying to dump a load of problems on me? What questions should I ask him? and does this soung legit?
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jmd_forest
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« Reply #1 on: October 31, 2011, 06:42:55 PM »

Property ownership records are public record. It should be easy to find if he owns any property.
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nsu1997
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« Reply #2 on: October 31, 2011, 11:51:21 PM »

Do your due diligence of course, but hey if it's a bunch of free real estate I say take it. However do not make any promises you can't keep, don't write a check, and don't personally guarantee any debt. Get all of the deeds titled in land trusts or LLCs.
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aeroair
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« Reply #3 on: November 01, 2011, 04:00:57 AM »

why not talk to him seriously.. ask him why would he wanna leave such properties to you? and doesn't he have enough relatives to give it to?
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dcross
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« Reply #4 on: November 01, 2011, 01:10:40 PM »

He doesn't have any children. I told him i will just start with one  of his trailers to get a little familare and I will work my way from there.
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Bay Area Brian
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« Reply #5 on: November 03, 2011, 03:07:26 PM »

Ask for him to start teaching you his business, not buying or co-signing etc. if he is legit it will verify his story as time presents his assets, his friends, etc. Maybe you just got lucky and maybe he is another BS gas bag passing through, time will tell.
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Real Estate Investing Forums  |  Real Estate Investing  |  Bird Dogs, Wholesaling, Flipping Properties Forum (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas, motivatedceo)  |  Topic: Newbi, is this too good to be true? Does this sound legit? « previous next »
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