Financial Question for start up.

[Juan L.]

I recently found a property that I want to purchase, a friend told me he could loan me the for the down payment. He wants interest on his loan and the loan repaid within 1 year. What would the best strategy for this situation? 

[Tamara Deering]

@Juan L.

Your first step is to get the property under contract.  Next do you have financing already lined up?  If so you have to check with the lender that they will allow loaned money for a down payment.  If your loan allows your friend to give you the down payment go to an attorney and have loan papers or a partnership agreement drawn up to protect both you and your friend.