Seeking feedback about how to create proposal to a private lender

[Dave P.]

As I have grown in my REI journey, I have been able to join a Massachusetts based group of 55+ real estate investors of varying backgrounds. Recently I sent a thoughtful email to the group about my desire to build a long term relationship with a private money lender in which both parties can find some value. I told them that I have identified some solid property and have run the numbers using the BP rental property calculator. I got some positive interest. Should i craft a business plan or some other document or am I overthinking it? Can it be as simple as "I've identified this property and wonder if you will give me the 20-30 percent in down payment money and in exchange I will give you x percent in interest. Thanks for your constructive feedback

[Rick Pozos]

You might want to ask first what they want out of the deal. They may want 50% of the deal. Or someone may say they want 5% interest. Let them tell you what they are expecting. If you think its too much, you can let them know. If you dont work out an agreement, keep them as friends or mentors or someone to have as a last resort.