Hard Money...split Profit
I have an investor who is willing to wait for payment (no monthly just payoff plus profit) until the property sales at that time we will do a split of profit 60/40. How do I write this up as a mortgage?
Example
ARV 100k
Purchase Price 65K
repairs 3k
Total 68K
At sale 100-68=32K
Investor gets payoff plus 12.8K
We get 19.2K
How can we write this up?
Sire
I did that once, We drew up a trust with me and the other person as beneficiaries with a split we agreed upon. Taking into consideration the actual costs and sales price. But that may be an option for you.
Lori
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