Flipper/Rehabber · Sanford, NC · Member since 2016 · 47 posts · 57 votes
I went to lunch today with an older gentleman I know. He owns the building I rent out for my State Farm Agency. I gave him my spill on real estate investing and he agreed to terms of 1 point, paid on the back end with 8% interest only payments on a one year note. He will fund 100% of the purchase and costs up to 70% ARV.
My question is, what now? What kind of paperwork do we need, who should I talk to to get it? Are there resources on BP for me to dive into to learn? Thanks in advance!
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
8y
well you say lender .. so that infers he is going to make a real estate loan to you
if that's the case super simple.. your in an attorney state simply go to a real estate closing firm.
tell them the terms they will prepare the note and mortgage.. along with settlement statement when you have a deal to fund..
that's about it.. not very complicated ..
the fella from WA who responded I think is talking more about JV type deals and set ups other than a simple one off loan on a particular property you intend to buy rehab and resell. which is what I am assuming is your goal.