after working on this deal for six months the investor is now backing out on a verbal agreement to pay me .is there any thing that i can do to at least make things a little bumpy for him
Don't recommend him to anyone you know and spread the word if it is true. But, be careful. These things can come back to haunt you. I would just not use him again, cut my losses and find another investor to use and get something in writing from now on! If it aint in black and white, it never happened!!!!
For the future, yes, get it in writing. Recognize, however, that a written agreement is only as good as the people who make it. Learn to listen to your gut about people--whether they can be trusted to honor their commitments or not. Having it in writing is a good start, but, unfortunately, it's not a guarantee.
Nancy made an excellent point. Go with your gut feeling. If it doesn't feel right, then chances are it isn't. I have learned the hard way over the years. I have had build jobs that I took and knew from day one that I shouldn't sign the contract but did. Everyone, which wasn't many, I took that I felt bad about in the begining always turned out to be bad. As for having things in writing, that's good but make sure things are spelled out clearly as I lost $6k recently because the developer/realtor wrote the contracts up loosly and I failed to question it. Live and learn
Great post guys!! If it doesn't feel right, ask lots of questions...If it doesn't feel right after your questions have been answered, walk away. There are always other deals out there.
Don't recommend him to anyone you know and spread the word if it is true. But, be careful. These things can come back to haunt you. I would just not use him again, cut my losses and find another investor to use and get something in writing from now on! If it aint in black and white, it never happened!!!!
To expand a little on what pejames said...
For the future, yes, get it in writing. Recognize, however, that a written agreement is only as good as the people who make it. Learn to listen to your gut about people--whether they can be trusted to honor their commitments or not. Having it in writing is a good start, but, unfortunately, it's not a guarantee.
Nancy made an excellent point. Go with your gut feeling. If it doesn't feel right, then chances are it isn't. I have learned the hard way over the years. I have had build jobs that I took and knew from day one that I shouldn't sign the contract but did. Everyone, which wasn't many, I took that I felt bad about in the begining always turned out to be bad. As for having things in writing, that's good but make sure things are spelled out clearly as I lost $6k recently because the developer/realtor wrote the contracts up loosly and I failed to question it. Live and learn
Great post guys!! If it doesn't feel right, ask lots of questions...If it doesn't feel right after your questions have been answered, walk away. There are always other deals out there.
Prosperous investing,
td