How to use private money and structure the deal.
Hey guys,
I am just starting out buying real estate. I have two buy and holds under my belt and a neighbor of one of the properties came over and said he wanted to sell his house fast. I dont know the price yet, but I want to get private money set up before then. I have a lender who is new to the game of lending. He has a good basic and working knowledge of real estate. I want to come to him with the deal all put together. My question is, how are the loans structured? I am in Washington and will need the loan to be over a year long. I am willing to do 12% and am thinking I will need 100 grand from him. Can you break down the deal and how you would structure it? Thank you for your help.