Getting People that Know you to Lend you money as a NEWBIE

[Michael Ramos]

Hello Again Everyone,

I am still slowly saving money for my out of state (OOS) investment property. In the meantime my gears have been grinding on how I can speed up this process, short of, selling some (cough, cough) illegal substances or knocking over some banks.

I starting thinking about marketing myself to my family and friends and gathering funding for a down payment from them to create a Joint Venture (JV), where I would pay them interest (at a rate that is better that the savings account that they currently have that money in) over a relatively short period of time.

But I don't want everyone's name being added to the note on the property. I just want a legal document stating that they will receive from me no less than "X" interest over a period of time, or quicker, "Y" from me for their "Z" contribution towards a down payment for an investment property that I am purchasing for me. Etc Etc. Basically stating a deal between me and the investor only with them having zero ties to the property.

Has anyone every done anything like this? Please let me know! Help a NEWBIE out!