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!
I'd like to follow this discussion for replies, if that's ok!!!
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Any specifics about what should be in this agreement?
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.
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