Updated almost 5 years ago on . Most recent reply
First Time Brrrr Or Buy and Hold
First Time Brrrr. Duplex in a c + neighborhood . Bank needs 95 K for the building. Structure needs 70k for rehab. Ist floor is 2 bed W 2 bath master suite & (second unit floor 2 + 3)A Large 3 bed 1 bath. 1350/1500/250 2 Garages)Taxes 4100. Home is an oldie however, with the past three days of rain and standing empty for a year or two, no water, no mold smells. kinda cool.Needs TLC. So into the project for 165-185k. The Finances:I'm looking to obtain $$ from a friend. He spoke about lending to me at 6%. Everything would be in his name because I can not. Than a separate draw account for repairs. What is a proper way to structure the deal with a close friend? He's the bank. What should his monetary gain become, if this would be for 3-4 year terms, has anyone been through this type of deal? Any advice would be greatly appreciated.