Hello, I will be funding (lending) purchase and reno on flip project, second with same partners. Honestly, the first one was more of a handshake deal, plus I purchased the home and had it in case things went south. In this case I am just funding and would appreciate any assistance with how to go about securing 1st position/lein on mortgage in case of negative situation.
Promissory note will spell out terms, etc, does this constitute my position or is/are there additional steps/forms needed.
Hey @Toby Jurging ! I would mostly rely on a solid RE attorney to help you properly structure this
You need a mortgage along with the note. The mortgage must be recorded to be effective. Suggest having a title company do a title search and act as an escrow.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing