private lender agreement

[Ed Kahle]

I have a friend who is willing to lend me 100% needed to purchase, fix/flip properties.  He would get 15% interest with principal and interest due when I sell the property.  His loan would be secured as first lien holder for the property.  We will be investing in properties we can turn around in four to six months.  I'm a retired builder so I will be doing all the work to maintain full control and we are working with a Realtor who agreed to sell at 3%.  Presently I wholesale full time.

Question:    Is there a place outside of hiring a lawyer to find a simple  legal agreement form to use?

[Steve Babiak]

The realtor agreed to sell for 3%?  OK, that is the listing side, the selling agent will still want to get their 3%. I suggest you get very clear on the commission percentage. The discount brokers are willing to list for 1% with 3% going to the selling agent, for a total commission of 4%; you want to be very clear on the total commission percentage before giving a listing to that agent.