I’ve got the go ahead with a private money lender - now what?

[Walter Ciucevich]

I went to lunch today with an older gentleman I know. He owns the building I rent out for my State Farm Agency. I gave him my spill on real estate investing and he agreed to terms of 1 point, paid on the back end with 8% interest only payments on a one year note. He will fund 100% of the purchase and costs up to 70% ARV. My question is, what now? What kind of paperwork do we need, who should I talk to to get it? Are there resources on BP for me to dive into to learn? Thanks in advance!

[Jay Hinrichs]

well you say lender  .. so that infers he is going to make a real estate loan to you

if that's the case super simple.. your in an attorney state simply go to a real estate closing firm.

tell them the terms they will prepare the note and mortgage.. along with settlement statement when you have a deal to fund..

that's about it.. not very complicated ..

the fella from WA who responded I think is talking more about JV type deals and set ups other than a simple one off loan on a particular property you intend to buy rehab and resell. which is what I am assuming is your goal.