I want to get a private money lender | Need to know some questions?

[Dennis Marshall]

I want to be backed by a private money lender so I can go after reo's for now. I just need them to put the deposit down where I would have some time to make moves and find a buyer.

What I want to know is what percentage do I need to promise them on their return for them to be interested. I live in Tampa. Don't know to much about private money right now but I'm ready to learn.

Also is this common? I want to go after short sales and reo's and the lender puts up the deposit. Once I sell the property, I give them the deposit back plus what ever their percentage. To me it sounds like a good deal because I would never need too much money but I also know that some deals will not allow assignment of contracts so they would have to come out of the pocket but hopefully I won't get to many of those.