Investor · Albany, GA · Member since 2014 · 7 posts · 1 vote
Would a loan from friends and family be considered private money? Would it be okay to use the private money for down payments, repairs, and/or purchases? Do I need an attorney?
Rental Property Investor · Pasadena, CA · Member since 2016 · 164 posts · 149 votes
9y
Yes its private money. You can use private money for anything you and if they care, your friends/family want to. You do not need an attorney, but whether or not you should get one depends on a lot of factors, especially your relationship with the people and how they would react if you lost all their money by making bad decisions.