How to get the Private Money thing going. (Investor Packet?)
I am at the point where i am ready to start asking people for private money and use the BRRR method of building a successful real estate portfolio. I've worked as a bartender for the past 6 years at a high end restaurant in Dallas. This has given me the opportunity to meet wealthy individuals who are willing me to help me reach my goals. Im overcoming the fear of asking but would like to have my ducks in a row before I sit these strong private money leads down.
Specifically, what kind of "loan paperwork" will i need for this type (BRRR) deal.
Where will the money be held while i find the next deal? or am i just getting commitments from them?
Will they give me money personally, then i buy the property or will they purchase the property and it just be put under my name
Will the property be owned by them over the first year then i acquire ownership after i refinance after that first year?
Ive watch the webenar and understand most of the process except this final closing of the deal with your private money lenders.