Tips on writing up loan contracts between friends
I am eyeing wayne counties upcoming tax auction. I believe in Detroit and wholeheartedly believe that it is a goldmine for investors (even despite recently filing for bankruptcy) willing to take risks. I'm fairly new to investing and have had quite a busy year moving from phoenix to memphis and back to my hometown of Detroit, recently tied the knot and purchased 3 homes (1 as my primary residence, 2 as investment props). My bank account took a tremendous hit with all of these life events so my current dilemma is how to raise money to keep investing.
Does anyone have tips on writing up a contract to use investment money between friends?
What is an acceptable interest rate so that both parties will feel satisfied?