Does anyone have a good standard contract they use with private money (money from relatives, family friends, etc). I’m looking for something with repayment terms, rates, stuff like that. Let me know!
These forms do not exist as we know them. An attourney with a title co has them. Yes they are lending you the money but you should never touch the money except through a title office at closing. It would be treated just the same as a land contract. The title co will draw up a contract to include whatever deal you can have a lender agree to. The title co will also handle the recording and other legal matters, including title insurance. This fact alone will help with your credibility. It will show that you are a professional and know how to handle the details. Go into a local title co and ask them so you know how its done and that is trusted in your town.
Redhawk is right. Protecting your investor legally with a promissory note, trust deed and insurance is very important and will add a lot of comfort. Try title, escrow, attorneys, etc until you find what you need. Best of luck.