Private Investor Helping Me Buy Duplex!!
I am a newbie with little credit, little cash, but desire to own real-estate and a good background as Painting Contractor and Apartment Manager. Am buying a duplex in sought-after rental area next to Duke East Campus that needs cosmetic and other upgrades costing $15,000, and have two interested private investors "lined up" to go on the 1st Note with me. In exhange for this, I will be paying on the Note and doing the "Sweat Equity" - taking only half the contractor rate during the Rehabilitation. Does anyone know what kind of simple but professional paperwork I can present to my investor partner to improve my chances of attracting his/her help? I plan to occupy one unit and rent out the other, cashing out the investor when the rehabilitation is finished and I've refinanced the property.
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