Contract with a friend for private funds
Hi, ill keep this short as im sure there are plenty of the same posts, as I have come across a few. I have a friend that's wanting to lend me 40k to put into a fix and flip..... What is the best way to draft a contract/agreement with him in order to keep everything safe and the best interest of both parties? when the agreement is settled, would i have him combine his funds with mine in my business account, so the HML would see the total funds that we have available? Interest? Would he get say 8-12% interest on his money? 8-12% of the profit + his original money back? Thanks for the help in advance to one of the greatest communities I have found for help with my real estate needs! :)
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You can write it out by hand if you like. A signed contract is a contract. Even if you bring your signed contract to an attorney, it will take less time if you've already gone over the details with your partner.