2nd deal

[Alex Alaniz]

Here is where I am at right now. I am house hacking a Foreclosure I am currently living in. I Still have a projected 5 months of rehabbing to do. I am running out of cash to do so and the ARV of the current property will give me a nice chunk of equity to invest with once I finish. Meanwhile, I have come across another opportunity to make some quick cash and create some monthly cash-flow as well. However, My bank is on the fences with my first initial proposal which is:

Purchase Price $69,000, This will be a buy and hold, rented out for $875.00 a month and is move in ready. Seller agreed to leave 20% in for my initial down payment to push the loan though and I am pushing he pays 100% of all closing fees.  Bank says committee won’t like financing 80% and also having a 20% 2nd mortgage on the property.  I think he misunderstood the 20 % in.  I suppose the seller would be gifting that to me.  How can I word this or write up a deal to make this work?  

Thanks!

Alex