Updated about 11 years ago on .
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Borrowing from a known aquintace
I am planning on asking a person I know to borrow money for real estar investing. That person has 80k sitting at the bank and is planning on putting it into a secured annuity that will only generate her about 2%interest.
With that said do we have to make it extremely legal or can it be just a promissory note that acknowledges that I will pay her back monthly at about 8-9% interest. I do not have the properties yet but I've got my eye on many that I can easily get cheaper if I pay cash.
By the way it's not from a relative but from a person I know .
Thank you in advance for your time.