I just returned from an RE attorney’s office, where we gave him info and he’ll draw up the docs to create a second mortgage on a house for which we lent repair money. (a relative)
Using what I learned in the 14 video tapes, I was able to calculate some numbers to help us guide the terms of the loan.
$7,000 borrowed, no payments for 7 years, 200 basis points above Bank Of America’s prime rate with minimum rate of 12% adjusted yearly, then after 7 years the balloon balance is amort’d and paid over 5 years.
Pretty cool, I must say. Can’t wait for Park City. I’m up to tape #4, going thru them for the second time.