Could I use hard money for a down payment on a owner financed property?

[Skylar Dejesus]

I have been studying in real estate for about a year now, I tried to immediately obtain a property after reading rich dad poor dad, but I do not think I was ready. I found a great property and tried to obtain financing and although I had great credit, and 20% down, I only work part-time at Fedex so they were denying me. Six months later I sat out on my journey to obtain financing once again, but way more prepared with spreadsheets, rent comps, the physical evaluation and notes for the property etc. I received a prequalification letter through Sun Trust bank to obtain a duplex and to occupy one half. The bank pulled the rug on me 6 days before closing because they couldn't count my overtime as income because I hadn't been at FedEx two years. I was wandering if I could use the investment capital (25k) and the remaining from a hard money lender for a down payment for a 500k 12 unit property because the property will be paying for itself. I haven't got solidified numbers yet just a quick thought, because I spoke to the investors who were going to sell me my first property at a 36 unit property auction, and they actually were going to owner finance the first property but for me but lost my info. ANYWAYS what I am asking is they are willing to owner finance the 12 unit property for 500k to me but I only have 25k to invest is there anyway I can obtain a hard money loan to make this happen. Of course if I was going to do that I would come prepared with cash flow spreadsheets etc, area comps, and an overall business plan. Would this work? Or what are some suggestions for someone who is in my situation, who can't get conventional financing for four more months?

[Kyle J.]

Another issue you'd run into with HML's is that they typically will not loan on owner occupied properties.