Business Investment gone bad

[shar3p0]

Ohio-We took a Home Equity loan to invest with a friend who my husband had been helping rehab houses in 2006. We invested 58,000 so he could buy houses and we would get the money as they sold based on the percentages he put down that we had on each one he purchased. We asked to get the money back based on the written contract that he said at any given time we could get out with 45 Days notice. He was paying the interest amount on the loan with the rent on the properties and reduced it stating that his expenses have increased. We requested the money in 2006 and he said with the economy it would be better to wait it out. We now have waited 3 years and are firm that we want our money back and he continues to ignore us. He has also sold properties that we had on our paperwork that no longer exist. What course of action do we have? We have tried to wait and it seems as though he will have us wait forever....

 

[Proserpina]

Ohio-We took a Home Equity loan to invest with a friend who my husband had been helping rehab houses in 2006. We invested 58,000 so he could buy houses and we would get the money as they sold based on the percentages he put down that we had on each one he purchased. We asked to get the money back based on the written contract that he said at any given time we could get out with 45 Days notice. He was paying the interest amount on the loan with the rent on the properties and reduced it stating that his expenses have increased. We requested the money in 2006 and he said with the economy it would be better to wait it out. We now have waited 3 years and are firm that we want our money back and he continues to ignore us. He has also sold properties that we had on our paperwork that no longer exist. What course of action do we have? We have tried to wait and it seems as though he will have us wait forever....

By all means take your written contract to an attorney to review but very generally speaking there is no recourse for an investment gone bad; it's all part of the risk though much will depend on what's actually contained in your contract...which we can't see.

Consult with an attorney.

 

[Miranda79]

Yes, you need the assistance of an attorney to enforce the contract if he isn't following through on his part of it. Good luck to you.