Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 7 years ago on . Most recent reply

User Stats

59
Posts
15
Votes
Felipe Munoz
  • Flipper/Rehabber
  • Phoenix, AZ
15
Votes |
59
Posts

How Do I Use Private Money? *NOT talking about hard money lender*

Felipe Munoz
  • Flipper/Rehabber
  • Phoenix, AZ
Posted

Hi BP Fam! I have a friend of a friend who's caught wind that I flipped first property and has money she'd like to lend.  (Yeah!  Pretty cool!)  We are going to have a chat about her lending money for a fix & flip project but I'm not sure how to use private money.  Is someone out here willing to really dumb it down and explain how you'd use someone else's money in this type of scenario?  (This would be happening in Arizona...if that matters)  Only questions I can think of are:

  • Does she deposit checks to escrow company?
  • I'm sure I have to record a "note"....but not sure how that happens
  • I know all terms are negotiable between us, but what are "typical" interest rate and terms

Thanks for your time & advice!  

P.S. I've posted some pics of first flip on IG. Feel free to follow @felnoz

Loading replies...