I found an investor who will lend me 60K for my downpayment and holding period for a property I’m interested in for 120 days with a roi of 20k . The property I want has an ltv of 55% My question is, how do I take this guy’s funds and secure it against the property before I open up escrow. I would love to take him to the opening table and have him drop my downpayment but then that would put him on the title as a partner. Can I give him a promissary note against the property before I control the prop or open escrow.
Donna Bauer “the note buyer” illustrate a smiliar example. She raise the downpayment with a promissary note but I don’t understand the mechanics.
Thanks alot everyone, I love this board.