Investor · Evans Mills, NY · Member since 2015 · 28 posts · 5 votes
Hello all,
So I am looking to purchase my 4th property, a four-plex for $105,000. The seller has agreed to carry up to 20% as a second note to cover the down payment, but I can not find a lender willing to go with that deal. I have been through 4 banks, 2 credit unions, and 2 mortgage brokers now and none of them will allow the seller to carry.
How can I make this first, no money down deal work?
Real Estate Investor · Burlington, VT · Member since 2010 · 2k+ posts · 1k+ votes
10y
@Greg M. Just keep shopping around, try the commercial lending departments at small local banks in your area. I was able to do it successfully in the past in this same scenario as you, although I had to have the 20% down in my own funds first. Then at closing I was essentially reimbursed. The bank (1st lienholder) had to approve it, the property itself was a good deal, and good credit was required, for me at least.