QUOTE (gwasser @ Oct 27 2010, 08:49 PM) You`re welcome. Don`t worry about the numbers in my example. Its intend was to make you think about your real numbers and about how much is left. At this point, if you still feel you want to put more money in, then don`t commit until you have all financial...

QUOTE (bizaro86 @ Oct 27 2010, 07:06 PM) How much do you think the house is worth now? Presuming the first mortgage is ~245,000, plus the 43,000 on the 2nd mortgage (assuming it was registered at the higher amount), gets you to 288,000. If the house is still only worth 300k, there is only...

QUOTE (gwasser @ Oct 26 2010, 09:36 AM) Michael has a point. I have not been able to grasp all the details posted here. But I think it is time for some simple math and a review of your personal liabilities in all this. It sounds like you bought a Calgary property. Say it was a single family...

QUOTE (bizaro86 @ Oct 26 2010, 07:01 AM) I would carefully consider how much money you want to put into this. If your best case scenario is that you end up with 20,000 of equity in a property, after putting 20,000 into legal fees, mortgage arrears, etc, then you should probably walk away, as...

QUOTE (markl @ Oct 25 2010, 07:52 PM) Garth`s advice is right on I know an investor in a similar situation in Ontario did in fact buy out the first and foreclosed on the property and was able to retain some of his investment and control the property If Garth and Thomas are recommending a lawyer...

QUOTE (JoeRagona @ Aug 31 2010, 10:30 PM) Spring, This sucks. There is no other diplomatic way for me to put this. My comment is geared towards what you have learned from this - which is a lot from your very calmly written explanation of the situation. This should not only inspire you to...

QUOTE (housingrental @ Aug 30 2010, 08:11 AM) Wow I`m so sorry to read....Get in contact with a lawyer that can help ASAP. I`d also get a few investors together and contact the RCMP together... If they aren`t helpful I`d try to write letters with the other investors to the RCMP and...

QUOTE (housingrental @ Aug 29 2010, 10:53 AM) Is this a clear cut case of fraud re the $32K in funds? Or just poor quality operator? Have you talked with with police / rcmp? Hi Adam, Thanks for the response. I see this as a case of fraud as well as a lack of competence and willingness to...

QUOTE (gwasser @ Aug 27 2010, 05:27 PM) Tough situation. I went through a lawyer to fight against a developer. It looks like we won, but it was a phyrric victory. The lawyers with their high fees were the winners, we went through a lot of agony and upfront money, i.e. cash flow. My conclusion...

My experience in being a JV partner has been a terrible one and currently it looks like the property is sliding into foreclosure and I am not sure if it is worth throwing more good money into what looks like a terrible situation. Perhaps another time I can post what I have learnt from my...