Financing for my first deal

[Joshua Ax]

I have been a real estate agent in Mesa AZ for the past 13 months, specializing in rental properties. I have helped several investors find rentals with great cash flows and I am ready to start buying some on my own. 

Where do I start? Who do I go to for financing? Should I go to the bank? Should I find a private lender? Any tips or suggestions?

Thanks!

[Lakeisha Robichaux]

Originally posted by @Melissa W.:

Hi Joshua,

Interest rates are low right now.  Find a bank or lender in your area that is investor friendly.  I would not use my 401k plan if possible.  If you get a hold of a good deal, then offer the owner 8% interest to carry the down payment.  I have done this on three properties, including the home I live in today.  I worked out the terms that worked for myself as well as the previous owners.  They were win win deals for both parties.  Don't be afraid to make low ball offers if the situation is right.  

Hope that helps.

Good luck.

Melissa

 Can you expand on the 8% interest to carry the down payment? I'm a newbie and that sounds interesting..