Hello BP Community,
So, I have a deal going on as we speak. I procured my property with cash, but I needed money for the rehab. I came to an agreement with a family member to get some of the rehab money from them and I would pay a flat interest on the money borrowed. The project is about finished and I want to have a professional looking agreement for both of our records. Does someone have a decent looking private money contract that we can both sign that will look legit? Anything would help. Thank you.
Sounds like all you'll need is a promissory note. Check google for a template.
Wouldn't have made more sense to sign the contract at the beginning of the loan not the end?
@Xavier Garcia We have a pretty good contract template on our website. (free of course)
Let me know if you need more info!
@Paul Bowers it would for sure. However, because it's my mother, I was being a little bit more casual. Nonetheless, that is what I should've done.
@Mark I. Thanks, Mark.
@Dominic Bouchard Please! That would be awesome. Thanks.
@Xavier Garcia I just sent you the link in PM.
Hope that helps!
Promisory note from vertex42.com is cool. No contract needed.
There are various contract in the FilePlace under the tools tab above.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!