- Joined
- Jun 9, 2008
- Messages
- 10
Hi All,
My neighbor has come to me with a "deal" that involves the purchase of two lake lots close to Calgary. The land is currently undeveloped and will require additional cash outlay for services to be installed which I have concerns I may be on the hook for at some point..
His plan is to hold it for 6mo. to 1 year and turn the property over to a developer.
For my part he`s looking for about $20,000, and will put my name on the title..
His projections for profit seem unrealistic, and overall, this seems like a `too good to be true` situation, but at this point, I really don`t know any better one way or another.
I would appreciate any and all suggestions or feedback:
- what sort of questions I should be asking to ensure this is legit?
- what sort of contracts I should be signing (or insisting upon)?
- what sort of scams are associated with this type deal?
- Is it wise for my name to be on the title for such a small amount of money, or is it recommended?
- what sort of (realistic) returns can be expected from the turnover of undeveloped land after services are put in?
Any thoughts would be appreciated.
Jordan
My neighbor has come to me with a "deal" that involves the purchase of two lake lots close to Calgary. The land is currently undeveloped and will require additional cash outlay for services to be installed which I have concerns I may be on the hook for at some point..
His plan is to hold it for 6mo. to 1 year and turn the property over to a developer.
For my part he`s looking for about $20,000, and will put my name on the title..
His projections for profit seem unrealistic, and overall, this seems like a `too good to be true` situation, but at this point, I really don`t know any better one way or another.
I would appreciate any and all suggestions or feedback:
- what sort of questions I should be asking to ensure this is legit?
- what sort of contracts I should be signing (or insisting upon)?
- what sort of scams are associated with this type deal?
- Is it wise for my name to be on the title for such a small amount of money, or is it recommended?
- what sort of (realistic) returns can be expected from the turnover of undeveloped land after services are put in?
Any thoughts would be appreciated.
Jordan