All Forum Posts by: Tom Goans

The measure of our worth

is not what we have done for ourselves;

but what we have done for others.

@Barry Ratliff,

Any input would be a wild guess at this stage.

I would recommend you document your challenges and communications with all parties to this transaction. It may be wise to keep everyone in the loop of communication.

I would also immediately contact a lawyer.

Staying on top of the issue could be a very wise decision. It may be easier and more economical than fixing a problem.

Best of luck.

@Bret N.,

You may want to investigate the laws of your state. There may be laws that regulate or restrict what you are contemplating.

You may also find it important to have a discussion with an attorney to properly structure the business to abide by all federal and state laws. Beyond the laws consideration, proper structure of the business will help to shelter as much profit from the taxman as possible and to provide the most protection for all parties.

There are many options to consider other than monetary.

Every investor is unique and has unique expectations, including the information required from you. I would recommend approaching every funding opportunity in a similar fashion. Create a complete and detailed business plan. The only estimation should be the cost of funds and the loan terms. The rest you should have specific and firm numbers.

Keep in mind a lender is your partner.

Moreover, you are developing a relationship. This relationship can be a long and successful one for both of you. If the investor is pleased with the results, the investor will welcome future opportunities to do business with you. You may find yourself taking calls from the investor wanting to place money with you. Now, you have to find an investment opportunity to fill the investor’s needs.

Good luck.

I agree with @Dion DePaoli,

Review the documents and match the legal description to the one on the loan documents and with the title policy.

This is a great idea to do at every closing before you sign the documents or when ever there are new documents for real estate that are being recorded.

When I was associated with a mortgage brokerage firm, surveys were very common every time there was any type of new loan. It was my understanding this was primarily a protective measure that title companies also require to make sure there are no encroachments. It can also identify any changes, such as new easements.

I also agree that your concerns should not be alarming or an issue. If you are worried about the changing interest rate, have a conversation with the lender.

Before you begin negotiating, have you brought a lot of business to the lender in the past?

Do you plan to hold the property for many years - beyond the loan term? If not, are you worried about a very small amount of money?

Think of the lender as your business partner - in reality, the lender is.

Do you have a great relationship with a surveyor? If not, now may be a good time to begin to develop a great relationhip.

Deborah,

I detect a Problem Solver.

You do not allow obstacles to cheat you from your goals. From what I have read and understand, this is a common characteristic of ALL highly successful individuals. I sense great success will continue to be in your future.

Have fun.

@Phillip Cailey,

Based upon my understanding of the information you provided, I am of the opinion you should seek another investment while the dust settles on this one.

You have almost no negotiating advantage. Consider the playing field. There is you a wife, husband, and two attorneys who are most likely paid by the hour. I have been involved in many negotiations in my life, but this is one I would not attempt.

The primary reason is all the assets will most likely be tied up in the divorce process. Who knows how long the divorce process could last, who will be the ultimate owner of each property, what the financial and tax status will be at that time ...

Moreover, most likely it is the goal of both parties and attorneys to get top dollar for each asset. I do not embrace many rules, but buy low-sell high is one very important rule that should be part of your equation. As for time, attorneys are generally paid by the hour. The longer it takes to settle the divorce, the more payments they will collect for the new Benz.

There are probably many more opportunities waiting for you to discover that offer much better utilization of your time and money.

Good luck.

Hello Adrian,

I agree that in many instances managing wealth does require some work. I scan the individual payments, fill out the deposit slip, make a trip to the bank to deposit the payments, and then go to lunch.

My father adds an extra step - he goes to the investment brokerage firm to make another deposit. Then he goes to lunch.

Both of us begin each day reading. Generally each of us spend the afternoon reviewing opportunities or riding our motorcycles.

No Jeff. Every person is unique and so are their goals.

@Taylor Ripp,

Although I have visited Durango many times and love the area, I never actively pursued any investment opportunities in the area or met any other investors. Sorry, I am not able to help you here.

As much as the town has grown, and as many developments as there are, I would image there are many great people to meet and know in the area. The other great thing is the very large number of visitors for all parts of the country and world.

When I lived in a Colorado resort community, the big investors were the visitors who helped the locals to make money by funding their business ventures. I went into the art gallery business with another real estate investor and developer. You would not believe who you would meet. And many are looking for ways to become involved in an area they love to visit.

Best of luck. And more importantly, have fun.