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Private Money Question
Hi All,
Hope everyone is having a great week. I wanted to see if I can leverage some of the great insight and experience of such a talented community.
I have been actively growing my real estate portfolio and operations over the last several years and have businesses focused on different markets such as Chicago, Charlotte, Memphis, Philly, etc. Like most here, over the years I made many of the classis mistakes as such has been able to take all the lesson learned the past years and really hone my investing strategy, philosophy, and approach and by doing so achieve the returns I wanted.
With great markets and partners I have, I now start to have a lot of opportunities in front of me and while I have also been able to secure financing partnerships with banks such as portfolio loans, lines of credits, etc, I am always open to different options. Recenty, several folks in my network and contacts of contacts have approach me unsolicited with the idea of being private lenders to me (for many of these folks while they have plenty of capital, I think this is a new structure for them and for me as well). I thinks this could be a win-win for me as I continue to scale my operations as I can provide folks good guaranteed returns (both against properties or personal assets) and I am very conservative and confortable with my ROI. So long story short :) i wanted to see if there were folks who have started to leverage private money that would be willing to provide me with thoughts on the best way to structure, what are some of the typical terms that make sense for them (e.g. interest rate ranges, amortization schedule preferences, frequency of payments, etc) and if someone had a standard or example of a private money agreement or contract that I could leverage and then potentially have one of my legal contacts tweak for me. Overall, any insights, templates / sample areements would be appreciated.
Cheers,
Eric