Best book on hard and private money?!
Hey guys so I'm working on my second deal and it's my first exposure to private and hard money. I am looking for all the advice or book suggestions I can get!
The deal
It's a 1200sqft(total) triplex
2 of the units are 1bed 1baths
1 studio.
The rents are at $350 a monthish and the market is at $900 a month minimum each.
I think I can purchase it around the $120,000 mark it needs a full rehab I estimate it will take $65,000. I am a licensed contractor so I plan to get some sweat equity. ARV is a minimum of $300,000. I own a triplex a block away that just appraised for $375,000
I have started looking at hard money loans but dont quite understand how interest only works.
I am also talking with a private investor that is interested at a 10% interest rate on a 6 month note.
What questions am I needing to ask and missing?
Thanks in advance guys you guys rock!