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Updated over 7 years ago,

User Stats

302
Posts
106
Votes
Nathan Waters
Pro Member
  • Rental Property Investor
  • St Joseph, MI
106
Votes |
302
Posts

Who do you use to record a promissory note

Nathan Waters
Pro Member
  • Rental Property Investor
  • St Joseph, MI
Posted

I have a few investors interested in putting money up for my next property. This is the midwest so its not a huge sum (30-40K) I am having my lawyer draft up a promissory note to have two investors put in 15K - 20K each. The money will be secured by one of my houses that has equity and cashflow. So the money isn't tied to any future project. Do I need any other proffessionals to help with this? An accountant for INT statements or anything? I'm trying to ensure that I'm covering my bases without over complicating things. 

One of the investors is considering establishing an LLC to invest with instead of using his own name. Any ideas on that? I know it doesn't impact me, but I was wondering for his sake if its worth his while.

  • Nathan Waters
  • Loading replies...