Down Payment for a Duplex

[Adam Keffer]

Hi All,

I recently found a duplex in a good area and ran it through the Rental Property Calculator with good results. The list price is $230,000. I wanted to initially get a HELOC against my primary residence (owned free and clear) for the down payment (roughly 70k with closing costs, etc.) Only problem is it takes 3-4 weeks to close. I'd like to get an offer on the table ASAP as I feel this property won't last long.

A couple options I see...

1. My mother has offered to use her HELOC and gift the funds for the down payment. To my understanding, conventional loans won't work here as gifted monies need to be seasoned to be utilized. Which leads me to....

• Does anyone know of any portfolio lenders (in the Pittsburgh area) or other types of loans with which this is acceptable?  Bank Names? Types?

2. Using my mother's HELOC for a cash purchase and then agree to seller financing terms with her.

3. ???

I may be overlooking some other options/details as well.  Any help in regards to the best and fastest way to get this deal done would be much appreciated!

...and yes, I know, I should have lined up financing well before I found my first deal! :)

Thanks!