Buy a large multi family with nothing out of pocket?

[James G.]

Hi BP. I’ve been in contact with a new lender who is telling me that his guy is fine with 2nd mortgages and that I can potentially get this 42 unit with nothing out of pocket.. he says his lender will provide an 80% LTV and that if the seller will hold a 2nd mortgage for 20% then I can potentially own the property for nothing out of pocket. This seems too good to be true and it doesn’t feel realistic as my biggest property right now is a duplex and I have no W2 income.. so what do you think? Is this possible? Is he pulling my leg?