creative financing solutions wanted

[John Cardinale]

HI there, I got a an owner who's willing to owner finance the sale of his property to me. The property needs significant renovations that would normally make me want to BRRRR it. Other factors are preventing this. Its a strange property.

There a way to do this where I don't lock up too much of my own money? A loan product that doesn't require using the property as collateral perhaps? Then at the end, I could possibly refinance with an official lender, and then the owner could get in second position with his mortgage? 

Not sure if this would work. Anyone every try something similar?

[Matthew Masoud]

I've done something similar where the owner financed and I used credit cards to rehab the property. I then refinanced my money out and paid back the owner. Not something I'd necessarily recommend.

Many banks won't like having someone in the second position.

Talk to a hard money / private lender about paying for rehabs.