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Using OPM to fund my first deal
I've found my first deal and I have two partners to go in on it with me (it's a mobile home park that looks to be a great deal).
I've been approved for a home equity loan and will likely get $50,000 on a line of credit. It looks like we will each go in for about $100,000, which leaves me short.
I know people that are willing to invest... I just need to know how to best do this. Is 9% typically a good return? What is the best way to pay them back within a year knowing that the cash flow from the MHP will likely not be enough. Perhaps a 3 year note for 6%?
Also, how do I have a note made up? Lawyer?
Thanks for the advice!