Lot of paperwork.

Actually it all hinged on appraisal, once they realized I was getting built in equity day 1 they pushed all the paperwork through quickly.I also recall having a little mini interview with the commercial loan officer.

We had a lawyer do the paperwork and amortization table for about $700.

And, as you can tell from his post, there is a ton of additional paperwork you have to do if you do put a second on the house.

That defect can be in the paperwork or the borrower's performance.

I mean the paperwork - this is a business trip you know :)Thank you all for your kind words and jumping in on the thread!

His investor buyer paid him for finding the deal, but I did all the paperwork, so it wasn't a typical agent deal.

There are many filing in a box for a few $100 who will give you the paper work and steps or will do the filing for you for a small fee.I've been a study of the many national teachers on private fund raising and honestly 80% of the advice I see outside of specific Reg D training will get the real estate investor an SEC cease and desist letter,,, if the SEC/state SEC divisions had enough staffing that is.In short you have to file at least a state (often a SCORE) filing within 15 days of taking in your first private investor loan.

It is not a buy or a sale.Secondly, the contract should state that it is not a buy ro sale and if you use an intermediate, they will most likely have some paperwork that the other side of the deal must sign.

I intend to have parents of the tenants sign the paperwork also to a have a more credible source for the payments.