Creative financing for first time home buyer

[Michael Maloney]

I am a 22yo first time home buyer in Indianapolis looking to creatively fund my mortgage. My wife and I have thought about house hacking, but most of the duplexes and triplexes are in lower income areas where I do not even feel safe with my wife going on walks with our dog. For this reason, we are looking into buying a single-family home for ourselves, and also buying a duplex or triplex in a rougher area and using the cash flow from the investment to help cover our mortgage.

The problem is, we only have about $20,000 to put on a down payment between the 3.5% down and 20% down conventional loans. Does anyone have any ideas for how to creatively finance the duplex or triplex without having to put 20% down? I’m also open to talking on the phone about this, just message me for my number

I appreciate all of the help and insight!

[Owen Schwaegerle]

Owner financing is the way to go, Michael! It can totally work - you just need to find a seller who is willing to owner finance for you. You can do a direct mail marketing campaign targeting the 2-4 unit properties in a specific zip code or neighborhood. You can ask a title company representative for that data, or just pull it from ListSource. Once you get the list, just market to them. In your letter, explain your situation, what you are looking to do, and why owner financing could be a benefit to them. Happy to chat more on the phone about this too!