Can I get a bank loan and use seller financing for the down payment?
Triplex Scenario ( 3 x 1 bedroom units near military base)
Purchase price - $135,000
Gross monthly rent - $1,650
Was recently rehabbed and is turn key with all 3 units currently rented. Seller wants to pull out cash to use on another project and is willing to finance the remainder with $100k down. Can I use his seller finance offer for the down payment and get a traditional loan on the $100k? I also have funds available in a HELOC and IRA accounts that I can use as down payment to close on the deal, but I would like to take advantage of the seller's offer if it can be used as a down payment method. Possible? if so how do you structure it to get approved with the bank?