• The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. Join 50,000+ entrepreneurs
    who are kicking butt and
    winning their dream life.

    Unscripted™ Entrepreneurship:
    A Business That Pays More Than Money, It Pays Time.

    "Fastlane" is an entrepreneur discussion forum based on The Unscripted Entrepreneurial Framework (TUNEF) outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED™). From multimillionaires to digital nomads, the forum features real entrepreneurs creating real businesses.

    Download (Unscripted) Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

Real Estate Anyone here ever go to small claims court over earnest money?

Discussion in 'Real Estate Investing' started by biophase, Sep 14, 2007.

  1. biophase
    Offline

    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    6,215
    Likes Received:
    27,196
    Joined:
    Jul 25, 2007
    Location:
    Scottsdale, AZ
    Rep Bank:
    $182,184
    Just wondering if anyone has any experiences here. Looks like I'm going to court over a small earnest money dispute. I'm not sure if it's even worth it or not.
     
  2. MJ DeMarco
    Offline

    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    27,626
    Likes Received:
    90,140
    Joined:
    Jul 23, 2007
    Gender:
    Male
    Location:
    Phoenix, AZ
    Rep Bank:
    $387,015
    Admin Post
    Are you owed? Or do you owe?
     
  3. AroundTheWorld
    Offline

    AroundTheWorld Be in the Moment Speedway Pass

    Messages:
    2,909
    Likes Received:
    1,840
    Joined:
    Jul 24, 2007
    Gender:
    Female
    Location:
    .
    Rep Bank:
    $4,725
    Depending up on the amount - if it is not very significant I would say WALK.... your time is valuable. and not worth the stress either!
     
  4. biophase
    Offline

    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    6,215
    Likes Received:
    27,196
    Joined:
    Jul 25, 2007
    Location:
    Scottsdale, AZ
    Rep Bank:
    $182,184
    I am owed $1500. It will cost me a cheap flight, rental car and one day to do it.

    Let's say I was 99% sure to win the case and that my flight and expenses will be $350 and one day. Would you still do it?
     
  5. MJ DeMarco
    Offline

    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    27,626
    Likes Received:
    90,140
    Joined:
    Jul 23, 2007
    Gender:
    Male
    Location:
    Phoenix, AZ
    Rep Bank:
    $387,015
    Admin Post
    Answer depends on how much you value your time. Personally, I wouldn't bother. A day of free time vs dealing with airports, lines, crowds, judges - no brainer for me.
     
  6. biophase
    Offline

    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    6,215
    Likes Received:
    27,196
    Joined:
    Jul 25, 2007
    Location:
    Scottsdale, AZ
    Rep Bank:
    $182,184
    That's what I'm struggling with. I'm trying to figure out how to turn it into a vacation trip. I think I'm going to offer my friends a free trip to Park City, Utah and use the $1500 to pay for it. The only caveat is if i lose the case, they have to pay for themselves. Probably worth the risk for them right?

    :banana:
     
  7. Bilgefisher
    Offline

    Bilgefisher Bronze Contributor Read Millionaire Fastlane

    Messages:
    1,849
    Likes Received:
    276
    Joined:
    Aug 29, 2007
    Location:
    Aurora, Co
    Rep Bank:
    $393
    I have only one experience in this, (so please take this advice with a grain of salt) but even if you get a judgment in your favor, it is very difficult to get payment. I would recommend looking into ways to obtain your money from the other party after you win the judgment.
     
  8. MJ DeMarco
    Offline

    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    27,626
    Likes Received:
    90,140
    Joined:
    Jul 23, 2007
    Gender:
    Male
    Location:
    Phoenix, AZ
    Rep Bank:
    $387,015
    Admin Post
    If you go and make the trip a vacation, it is tax deductible as the trip's purpose was for business reasons.
     
  9. biophase
    Offline

    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    6,215
    Likes Received:
    27,196
    Joined:
    Jul 25, 2007
    Location:
    Scottsdale, AZ
    Rep Bank:
    $182,184
    The money is in an escrow account. theres a dispute over it we just need a judges order to get it released.
     
  10. andviv
    Offline

    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

    Messages:
    5,403
    Likes Received:
    2,160
    Joined:
    Jul 27, 2007
    Gender:
    Male
    Location:
    Washington DC
    Rep Bank:
    $3,345
    can't you have your Realtor or somebody else representing you? Give them 33% of what you get from it and save yourself the hassle. Would that work?
     

Join 1000s of entrepreneurs who are rewriting life's script and winning financial freedom.

---- ----

You must be a member to join the conversation.

Create Account

Join the community fast and easy!

REGISTER

Log In

Already have an account? Login here.

LOG IN

Share This Page