All Forum Posts by: Jan Styrczula

@Jan Styrczula right now he’s 6 months late from the agreed time for repayment

@Jan Styrczula thanks to all the info that I got from all of you, I approached him and talked to him. He’s saying that the refi is in the process of being done

I really hope he’s not lying again...

@Nathan G. No I wouldn’t, the only reason that I’m not doing anything about it yet is because he’s my sister in law’s husband and he’s absolutely using that for his own benefit

@Steve Vaughan yes it was notarized in January 30th 2020, and it said that the loan is for 125,000$ and 150,000 was to be paid in July of 2020, the loan was against an empty lot that he owns

@John Morgan thanks for your response, that would keep the family relations on a reasonable level. Let’s say I don’t go to an attorney should I ask for more money for the time that he’s late?

Sorry to bother you guys with my mistakes but in August of 2019 I loaned 50K to my wife’s sisters husband, he was supposed to return the loan in November of the same year with a $5K extra ( so 55K total) that Didn’t happen. Because he’s family I didn’t ask about the money until January/February of 2020, he came over then and convinced us to loan him another 75K for until July, he offered us 25K in profit. So in total he loaned 125K and was supposed to pay back 150K.

He needed the money to push work on a 14 unit apartment building which is almost done and was supposed to be refinanced to finish the fix with the new construction loan and also he was to pay me back from that refi.

The building is not done yet and he’s trying to do a refi but he’s saying that there are problems with it, due to COVID-19.

My question is what should I do? It’s almost November and I don’t have a real answer from him on when I’ll get the money back, the money was supposed to be used on investments into my own rental properties, I don’t know if it’s good that he’s family or not, we’re sure that we’ll get our money back but don’t have an answer when that will happen.

He said he’ll make it worth the wait for us.

Any input is appreciated and please don’t call me an idiot, also don’t ask to barrow money Cause I won’t do it

@Natalie Schanne thank you

@Antoine Martel Thank you, He basically said that he’ll take care of the rehab part since he does it all the time, and I only have to put up my money, does that make sense to him to make “only” 50 %, is that how it’s done?

My buddy just approached me with an offer to invest with him in buying foreclosures, he is a GC and he has done house flipping before, he wants me to invest 30K-50K of my own money and use it to get a 6 month rehab loan from a hard money lender at a little over 11% interest, after the House was finished we would split 50/50, he would also add me to his LLC that we would use for that future buy, the reason I’m thinking about investing Is bc I own my own business which will bring 200K this year in gross profits, the down side of my business is that I work 12 hour a day 5 days a week, and I feel that I’m slowly burning out. What do I need to do to prepare before I invest with him?