Hello BP members! I'm hoping that some of you can point me in the right direction or offer up some advice on private money lending forms. My husband and I have a family member willing to fund our live-in flip, but he is not gifting us the home. He would like us to draft up the appropriate documents with our agreed upon parameters before we close on the property. I've searched the forums and it looks like we need help from a hard money lender that is familiar with these types of forms and help from our title company - is this correct? Thanks in advance for your help!
in a title company state .. this is quite simple just go to title company and lay out what you want to do.
in some states the title company will ask that an attorney prep the note but again this is quite simple.
and the title company will have a referral to an attorney many times if in deed they wont prep the note..
you can literally go into office depot and buy Notes and hand fill them out.. its just fill in the blanks..
don't over think it.
@Julie Rhodes You can use the state approved docs on the DORA website for free - they are fillable so you can just enter the appropriate information for your deal. You will need a deed of trust and note - both are on the site.
This should help with the family members comfort too, as they are state approved docs - best part is they are free!
click the forms folder- https://www.colorado.gov/pacific/dora/division-real-estate-contracts-and-forms
You won't be able to use hard money for owner-occupied properties.
Can you get a conventional loan, either FHA with 203k or HomeStyle renovation?
@TravisSperr thank you so much! I found them online and we’ve made arrangements with our title company to include them with our close. I really appreciate it!
@Julie Rhodes wait a min.... your husband is Jason? He did a practice inspection on one of my properties last fall to complete his training and owes me a beer! ;) I am glad those docs worked for you.
@TravisSperr yes that’s him! And we do owe you a beer or three! I’ll have Jason email you about meeting up, thanks again for your help
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