All Forum Posts by: Jake S.

@Account Closed The lender is a family friend, I know him well. Itll probably be a 1 yr, interest only loan.

Okay, so I will start with a promissory note and an agreement. Should a lawyer draft that up, or are their templates available?

I appreciate it!!

I have a potential deal in the making, and have a private lender lined up.

I, and the lender, are new to the private lending game, so what sort of paperwork/contracts need to be in place before the deal happens?

Really would appreciate any and all advice

Welcome @Mitch Brunette! Glad to have you hear :D

Whenever I use the Calculators on Biggerpockets, as soon as I go to generate the report, it takes forever to fully load and always slows down my browser completely.

I've tried clearing my Cache, didn't seem to fix anything. Anyone else have this issue?

@Moises Ariel Maldonado Mazariegos we are talking about 1%-2% of the purchase price

I believe it's the same as the 1% rule, but this rule states that you should want to rent the potential property for 2% of it's purchase price.

So if a home cost $100,000, you would want to rent it for $2,000/month

Hard to find in my opinion, so I normally shoot for the 1% rule

You can get a conventional bank loan, a partnership, private loan, etc. But are you talking that you want to live there or not?

Hey Kyle! A buddy of mine has worked with http://willetconstructionmn.com/ before and was happy with them.

Hey Leslee! Do the owners own the home free and clear? If so, you could negotiate seller financing. 

This could work well for the pastor's retirement, as they would get consistent long term monthly income.

Or you could seek out a private lender(s), (maybe someone in the church has the $$) see if they will loan you the money. You could negotiate a 5 year loan, and then during that time, come up with the funds to refinance and get a conventional loan

Congrats! Hope it goes well