Seller 20% carry on a rental property deal

[Ryan Shannon]

I just purchased a property from homeowner who told me they have another home that they’re willing to sell me. The seller offered to carry 20% so I can borrow 80% from a bank, but I have called several banks without luck.

 The property needs some work but already has a tenant in place (paying $1,250) who has lived there for years and isn’t planning on going anywhere so can’t do major renovations to increase the value.  I can buy the home for $100,000, “as is” it is worth $125 - $130,000, so it’s a decent long term deal.

Any ideas?