Ol Gilmore needs some advice, big bankrollers

[BuffaloBoy]

Jrf30, very well said. I don't think your post could be worded more precise and to the point.
Buff

[quiksilver]

To increase my bankroll i took advantage of some credit card offers. The best one was 4% transaction fee 0% interest untill august 2013. As most of my money has been tied up elswhere the $40 per thousand was worth it and has already been covered. I just have to make sure i dont spend the money before august 2013 on anything but boxes of halves.

[Gilmore Happy]

BuffaloBoy, It's a military member in my shop of 7, a friend as well. Weve been deployed together, plenty of respect both ways.

John, this is more of a hard money lend, a handshake agreement. I do understand the legality of investing and businesses. But this is a grey area in this situation...this guy really doenst care how he gets his 10%. After hearing some of the viewpoints, I am shying away from the original proposition.

I might CLARIFY the expectations with him...somthing to the effect of, "Jim" you dont give a **** how I get you your 10% right? And he will say, hell no, just get me 10% on my 5K. If this is the case, do I get the greenlight?

[MIhunter]

I am not a lawyer but there are 2 key elements of fraud, (1)lying for (2)finacial gain.
If no matter what happens you repay his investment ($5000) then you are okay.
But I would make it clear with him what you intend on doing with his money.
Or I would make it clear to him that you are going to use his money for whatever legal business activiy you choose (he is investing in you).

[BuffaloBoy]

do whatever makes Gilmore Happy


I now understand better on the relationship between you two, I don't see how things could go wrong, as long as he agrees. Though I am sure you don't want to mention CRH, you could mention money to play around with.
HH,
Buff

[kontrapunktus1750]

Well, CRH could be put under the umbrella of rare/collectible coin speculation and/or precious metals speculation.

[agme]

To increase my bankroll i took advantage of some credit card offers. The best one was 4% transaction fee 0% interest untill august 2013. As most of my money has been tied up elswhere the $40 per thousand was worth it and has already been covered. I just have to make sure i dont spend the money before august 2013 on anything but boxes of halves.

After you pay that off (if your credit is good) you will get more/better offers. Discover just offered my 0% tranfer fee and 0% interest for one year, $5000 credit limit. I wrote out one of the checks they sent me to myself and put it into my checking account, the next day withdrew $5000 and upped my CRH budget for a year.
And Gilmore, I think you'll be fine, just mention the "does not invole any illegal activity" thing.

[sagittarius98]

I am not a lawyer but there are 2 key elements of fraud, (1)lying for (2)finacial gain.

Well if GH is lying about "the business part", then he is defrauding as CRH gives you financial gain.

[AgHawk]

Just tell the guy you can offer him a 6 month GD (Gilmortificate of deposit) at a 10% rate of return, with a minimum deposit of $5,000.

[midntmn]

Tell him what you are going to use it for. Give him his 10% ($500) up front with the promise to pay him $5000 in 6 months . Finalize the agreement either with a promissory note or do it as a handshake deal. In other words, he gives you $4500 now, you give him $5000 in 6 months. He actually makes a little more interest on his investment and you have $4500 to roll over each week in boxes - and you both can sleep better at night. That gives you 9 boxes a week, or approximately 225 boxes you can search in 6 months, using a minimum of your cash.