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LegalKnowledge
LegalKnowledge, Attorney
Category: Legal
Satisfied Customers: 23978
Experience:  9+ years handling Legal, Real Estate, Criminal Law, Family Law, Traffic matters.
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I gave a friend a notarized loan agreement for repayment of

Customer Question

I gave a friend a notarized loan agreement for repayment of a unsecured loan in the amount of 45,000.00 and 12,500.00 fee for taking this money out of my IRA for personal for showing my commitment to learn from him his real estate investment strategies for making monies by flipping houses. He works at Lowes and informed me how fellow employees are pressured to target old gay men to commit fraud by not fulfilling his part of his obligation to provide this training. i failed to realize this before signing this notorized agreetment to repay these monies. Is there a legal way to include this into our loan repayment agreement signed by both parties.
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: New Jersey
JA: Has anything been filed or reported?
Customer: Just meeting with our local police department.
JA: Anything else you want the lawyer to know before I connect you?
Customer: he has told me others working at Lowes as well as contractors that buy there materials from this national retailer have been ripping off older gay males by this practice. Is there some other Organization I should report this to? Thanks for your time.
Submitted: 1 month ago.
Category: Legal
Expert:  LegalKnowledge replied 1 month ago.

Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help with your question and concern

Expert:  LegalKnowledge replied 1 month ago.

Good morning. Can you please clarify for me a little more about the situation? I understand you provided him money but what is your issue and concern with the agreement?

Customer: replied 1 month ago.
I don't believe he is going to provide any training in realestate as verbally promised.. I agreed to not require a repayment schedule except for the caveat to be repaid fully by the end of 2018. Three dollar penalties will be added for each month not paid beginning January, 2019.
Customer: replied 1 month ago.
sorry three hundred dollar penalties per month will be added started 1/1/2019...
Expert:  LegalKnowledge replied 1 month ago.

So what is it that you are seeking and what type of relief do you want? Are you concerned about him paying you back or providing what was advertised?

Customer: replied 1 month ago.
no thank you at this time. I may want to at a later time...
Expert:  LegalKnowledge replied 1 month ago.

Not a problem. If you can kindly respond to my most recent information request, I can provide you with additional information.

Customer: replied 1 month ago.
Thank you for your question. It's the training I'm mostly concerned about...
Expert:  LegalKnowledge replied 1 month ago.

The terms and conditions of the contract are going to control and you want to make sure that what was stated within the contract, is what you will be getting. You want to and need to review the contract and see what is required and if it mentions anything about verbal representations. Typically, a contract will state that they can not and will not be relied on and only that which is written in the contract will control. If there is nothing in writing and this was all verbal, then it is going to be your word against his, if he fails to properly train you. if that happens, then you will have to sue him for the breach. In my opinion, I would be on alert, as it is odd that an employee at Lowes would be borrowing and asking you for all this money, for his investment strategies, yet work there as an hourly employee. Typically, real estate investors do this full time and do not work an hourly job but every situation is different, so just be aware. At this time, you can request that he provide assurances and reduce the training outline and goals, to writing, so all parties are on the same page. This way, if he fails to perform, you have evidence to support your claim and breach.

Customer: replied 1 month ago.
Can I have an addendum to the original agreement be put in place and require him to sign. I failed to inform you that he also is a Realestate agent and not making enough money to pay his bills so has to work full time at Lowes..
Expert:  LegalKnowledge replied 1 month ago.
Thank you for the reply. Yes you can. There is nothing wrong with that. Also be aware that if he is not making enough to pay his bills then his system and knowledge which he is charging you for may not be that great. After all, if he was successful then he would not need to be working full time at lowes so just proceed with caution
Customer: replied 1 month ago.
I completely agree.. Fact is from what I gather even before signing the contract that this guy got himself so shall I say overextended he is in desperate need of liquidity..I am an old fashion Christian and am willing to help him out financially. I wont go into all the reasons he got himself into this mess here. He is a neophyte at this at the age of 41. As long as I have legal authority to demand and secure an addendum that includes this training Ill be happy. .Counsellor, I raised 6 nephews and seven nieces. Had two of my own. Its not easy for these guys today and just trying to do my part as in moving others in a positive directions. The banks wont help due to his circumstances. Am not one that reinforces learned helplessness and laziness. He has designed, built and sold 1 or two high end homes very recently. He is just now digging himself out from bad practices in the past...Please let me in on how to go about securing this addendum if you would be so inclined. Thanks again, Joe. P.S. I am a retired medical professional who has been inspecting and ensuring quality of care throughout the US for the last 27 years while working for the US Department of Health and Human Services..
Expert:  LegalKnowledge replied 1 month ago.

You are welcome. Please let me know if there is anything else, as I would be happy to respond. If not, please remember to rate my help at this time at the top of this page, prior to leaving, so I can receive the proper credit, for our time together. A 5 STAR rating is greatly appreciated Thank you.

Customer: replied 1 month ago.
How would you suggest I go about securing this addendum?
Expert:  LegalKnowledge replied 1 month ago.

In a situation like this, draft one on your own and present it to him to sign. Lay out what you feel comfortable with and ask that he sign it. This way, he is on notice of what you expect. If he refuses, it is another red flag.

Expert:  LegalKnowledge replied 1 month ago.

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!

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