Borrowing From Friends and Family?

[Lavall Brown]

Hello BP

I am a novice investor with three duplexes in St. Louis, MO. I acquired my properties by house hacking FHA loans. Now that I am no longer single the option to house hack is no more and I would like to scale my business by acquiring more properties at a faster rate.

I would love to source funds from friends and family, but I am hesitant because I do not have a efficient way to repay them in a timely manner.

I am looking to build wealth through the buy and hold method. I’ve listened to the BP podcast and the guest are open about how they received funds, but never mention how they paid them back.

Thank you in advance for any help you can provide.

[Doug Pintarch]

I wouldn't do this without a properly executed and notarized loan contract spelling out exact rates, payment terms, and penalties man.  

Friends will stick it in you, family will stick it in and twist it.

Just sayin'

Everything's fun and smiles at the cookout...until someone owes someone else 50 bucks.