Starting a new relationship with a private lender
Hey, BP. I've got a friend of mine who is maxed out in the stock market (as much as he really wants to put in) and he recently approached me about investing with me. I explained to him briefly about how private lending works. We have a lunch meeting tomorrow. He has about $25k he wants to put to work. While that's not really enough for me to buy a house with, I am in the process of starting another business that $25k would work great for. I'd like to build a good relationship with him and eventually convince him to move some of that stock market money into my hands. Would a promissory note work for something like this? Do I have to get it recorded like you would a mortgage. He doesn't seemed concerned about having the money secured; however, I just want to make him feel as comfortable as possible and dot all my i's and cross all my t's. I think this guy is a great person and he's proven to me time and again that he has a wonderful heart. He's a genuine guy and I just want to do right by him. As always, thanks for the help.