Is a promissory note needed for each state I use a private money lender?

[Ruth S.]

Hello Community!

I'm wondering if I need a different contract in each state that I plan to invest in and use a private money lender to fund a deal. Could I just use a general standard contract for each state? If not, how much is it to get such a contract drafted on average?

[Chris Seveney]

@Ruth S.

If you are the borrower typically your private money lender drafts the agreements

The docs we use are standard except for the security instrument as that changes by state as some states are deed of trust and others are mortgages