Have I Made A Mistake By Accepting This Personal Check?

[confusedok]

What were the actual terms of the investment? Were you guaranteed to receive the full amount back?

So I didn't invest in his business, I'd invest in individual Jeeps. I'd buy the Jeep and any parts and outside labor (seats re-covered, title services, etc). My partner would invest his labor. After the Jeep sold, I'd first recover my expenses, then he'd recover his labor and we'd split the profit 50/50.

My money was always guaranteed. We specifically discussed that on numerous occasions, including by text message that I still have. My partner put us into a Jeep that turned out to be stolen, for example. I'd paid 2 grand for it. By the terms of our agreement I was to recover that $2,000 from future projects. We agreed I'd recover $500 from the next 4 Jeeps we did.

At the time I told him I was done, we had 3 Jeeps in the pipeline, as well as 2 co-owned parts Jeeps and several sets of wheels and tires I'd purchased for current and future projects. My total investment at that point was 7,955.11, plus several hundred dollars' equity in the co-owned parts Jeeps.

As I said earlier, this was a handshake deal, but we hammered out the details in text messages I still have and discussed the details further many times by text in the year we did business together.

 

[PayrollHRGuy]

So I didn't invest in his business, I'd invest in individual Jeeps. I'd buy the Jeep and any parts and outside labor (seats re-covered, title services, etc). My partner would invest his labor. After the Jeep sold, I'd first recover my expenses, then he'd recover his labor and we'd split the profit 50/50.

That's pretty much how an investment works.

 

[quincy]

So I didn't invest in his business, I'd invest in individual Jeeps. I'd buy the Jeep and any parts and outside labor (seats re-covered, title services, etc). My partner would invest his labor. After the Jeep sold, I'd first recover my expenses, then he'd recover his labor and we'd split the profit 50/50.

My money was always guaranteed. We specifically discussed that on numerous occasions, including by text message that I still have. My partner put us into a Jeep that turned out to be stolen, for example. I'd paid 2 grand for it. By the terms of our agreement I was to recover that $2,000 from future projects. We agreed I'd recover $500 from the next 4 Jeeps we did.

At the time I told him I was done, we had 3 Jeeps in the pipeline, as well as 2 co-owned parts Jeeps and several sets of wheels and tires I'd purchased for current and future projects. My total investment at that point was 7,955.11, plus several hundred dollars' equity in the co-owned parts Jeeps.

As I said earlier, this was a handshake deal, but we hammered out the details in text messages I still have and discussed the details further many times by text in the year we did business together.

With nothing but text messages and a handshake to seal your investment partnership agreement, I’d say you are pretty fortunate to recover your initial investments in the vehicles.

 

[confusedok]

With nothing but text messages and a handshake to seal your investment partnership agreement, I’d say you are pretty fortunate to recover your initial investments in the vehicles.

I agree.

Factoring in profits from completed projects over the past year, that 6k actually puts me 14% ahead on my investment. It was a huge relief to get it.

I'm still going to pursue the rest, though.

 

[quincy]

I agree.

That 6k actually puts me 14% ahead on my investment. It was a huge relief to get it.

I'm still going to pursue the rest, though.

That’s a nice return on your investment.

I am sure it is a relief to you to know your investment partner is abiding by the terms of your agreement.

Good luck collecting the rest of what is due.