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Updated almost 6 years ago on . Most recent reply

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16
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Michael You
  • Rental Property Investor
  • Cupertino, CA
2
Votes |
16
Posts

Lent money to fund a deal, now can't get a call back

Michael You
  • Rental Property Investor
  • Cupertino, CA
Posted

Middle of last year, I lent money to fund a flip and close on a development deal. Both were meant to short term, 3-6 months until the flip sold, or until the development deal found a longer term investor. Now, after repeated attempts to contact the borrower by phone, text, or email to get any information, this person has gone radio silent. 

The flip deal is unsecured, the development deal is secured in 2nd position. 

What are my options to get money back? Any thoughts / ideas greatly appreciated. 

Most Popular Reply

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15,182
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11,270
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Joel Owens
  • Real Estate Broker
  • Canton, GA
11,270
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15,182
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Joel Owens
  • Real Estate Broker
  • Canton, GA
ModeratorReplied

The specialist attorneys generally have the case law and litigation experience to say you are likely to spend XX time and XX money and the percentages are you will have XX outcome.

You can then decide what your time is worth. Example you chase someone for 1 year trying to squeeze 10k out of 30k owed. In the same time the energy and effort you take 100k and turn into 130k looking over other investments. Sometimes the squeeze isn't worth the juice you will get out of it.

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