Updated over 8 years ago on . Most recent reply
Earnest Money
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Sorry, @J Scott, I have all the respect for you; even went to one of the meet-ups in NY to hear you speak, but we all start somewhere, and maybe @Abdul King's had some financial issues, or whatever else might've happened in his life that you have no idea about, which is why he might be in the situation he's in. It's not about him, but anyone who's trying to change their life through this endeavor we call real estate.
I'm sure in all the deals you've done, you didn't always have the 20%~25% down required by a lender to work on your flip and you were somehow able to perhaps ask friends or relatives to lend you some money to meet the down payment requirement for a return. Whatever it was, you found a way. And that's all he's trying to do. Find a way. You might've just dealt with more zeros. Whether you're talking about earnest money or down payment, it's inconsequential and relative.
It shouldn't matter how many posts or votes a BP member has, somehow making them feel like they can just shoot someone down with a short, unthoughtful remark, and I've seen wayyyy too many of those by some seasoned investors here on BP and shame on you if you're one of those people, thinking you're somehow adding value to others. People look up to guys like you and I expect more from people who are further along than I am, because we all benefit and grow from people who've done more than us. But I don't care how much money somebody has or how many deals they've done; if they can't empathize or at least give an encouraging direction as to how they should proceed, then don't criticize them for trying to do something to change their life.