Apr 14, 2012, 02:47 PM
Jrf30, very well said. I don't think your post could be worded more precise and to the point.
Apr 14, 2012, 05:13 PM
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.
Apr 14, 2012, 09:26 PM
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?
Apr 14, 2012, 10:17 PM
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).
Apr 14, 2012, 10:19 PM
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.
Apr 14, 2012, 10:38 PM
Well, CRH could be put under the umbrella of rare/collectible coin speculation and/or precious metals speculation.
Apr 15, 2012, 07:43 AM
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.
Originally Posted by quiksilver
And Gilmore, I think you'll be fine, just mention the "does not invole any illegal activity" thing.
Apr 15, 2012, 11:31 AM
Well if GH is lying about "the business part", then he is defrauding as CRH gives you financial gain.
Originally Posted by MIhunter
1/100 of an American dollar is a cent. It is NOT a penny. The word penny is used by several other countries, such as Great Britain, to denote their smallest denomination. In order to be numismatically correct, you must use the term cent to describe the American coin.
Apr 15, 2012, 07:11 PM
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.
Apr 15, 2012, 07:59 PM
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.
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