What questions would you ask an investor if you wanted to know how serious he was about investing in a development project?
How about asking them to show you proof of funds. That would be a good start I would think.
Great comment Toney! Could of said it better myself. To many deals end of bad because in the intial conversation a person will state, " I have a good FICO score." Until you pull there credit and relize they havent paid there mortgage in 120 days, have 30, 60, 90 day lates on there credit cards, tax liens, and collections from 1998. Than from here they expect you to get them 100% financing on a Apartment Complex that they saw up for sale. Ahhhh :protest: !
So my advice in this snipit would be have them show you a Tri-Merge Credit Report and if you dont have anyone that will do it for than email me and I will do for you. But only after you have seriously put them through a personal interview:
Do you own any properties?
Have you been late on any mortgage payments?
Do you have any money in Savings?
If so how much?
Are in a Lawsuit of any kind?
If so what is it and why?
Do you mind if I run a background check on you?
Do you have a recent report from a Credit Report Agency?
I am sure you could think of more, but these are just common sense questions or question that I have to ask my clients when I have them sign a 1003.
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