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.
Tax, SDIRAs & Cost Segregation
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 5 years ago on . Most recent reply

User Stats

66
Posts
23
Votes
Jordan Northrup
  • Rental Property Investor
  • Stafford, VA
23
Votes |
66
Posts

Private money contracts for BRRRR investor

Jordan Northrup
  • Rental Property Investor
  • Stafford, VA
Posted

Hey all, so I know someone with significant cash resources they'd like to put to work. I'd like to find a sample contract that I could create so that the lender is protected and I have a promissory note that holds me accountable and that proves where the money came from when it comes time for refinance (and taxes). 

Am I thinking on the right track here? Does anyone have a contract I use?

  • Jordan Northrup
  • Most Popular Reply

    User Stats

    66
    Posts
    23
    Votes
    Jordan Northrup
    • Rental Property Investor
    • Stafford, VA
    23
    Votes |
    66
    Posts
    Jordan Northrup
    • Rental Property Investor
    • Stafford, VA
    Replied

    Thanks Kenneth, So here's a little more information. The lender is an extended family member who's got about $300,000 from the sale of an extra house. SHe's very risk adverse and doesn't want to do the stock market. She's going to loan to me at 5% with a balloon payment after 365 days. I'm going to be investing out of state because the prices in Northern Virginia are more than she can afford.  So I'll go back to my hometown in the midwest and invest. Between the purchase and rehab, I can be all in for less than $50,000. 

    So you're suggesting that once I have a property I want, get a lawyer involved and have them draw up the paperwork for the particular deal so I can get the money from her and send it to a title company?

  • Jordan Northrup
  • Loading replies...