I've found the house, found the private money, Now What?

[Nathan Waters]

I found a 3 unit that I think will be a good investment. I can purchase and renovate for less than 75% of the ARV and the rental numbers look pretty good. I'm going to do a more thorough walkthrough with my contractor this week just to make sure we aren't missing anything. But my real question is this. How do I go about getting the money from the investors and ensuring that their money is secured by the asset? I am assuming I will have my attorney draft a private lender contract. Take it to a title company to have it recorded, have the money wired into our business account and then deposit the loan payments as agreed upon to the investors. Its seems simple enough, but am I missing something? This is my first transaction with non traditional lending and I want to do things completely legit and ensure my investors are happy with everything. So far they are very happy with the terms we have agreed upon and I could see this becoming a great long term relationship. Its up to me to make sure it goes well.