@John Stutz. Family/friends can be good way to get private money for your deal. With regard to the terms, it really depends on the deal. Each deal is different. You can either ask them what kind of return they would want to see if they are willing to lend and see if the numbers work for you, or you can write up your deal with all the numbers listed and state the expected return and present it to them and see their reaction. Being able to get a lien, how much you have in the deal, location, area, your experience are just a few variables the lender is going to likely consider. In this case it sounds like you already have acquired the property so that would lower the risk somewhat to the lender...You are looking at anywhere from 15 to 25% interest. Again that is very approximate as there is no specific guideline for private lending. Good luck!
