Creative Financing

[Jonathan Lilly]

At what point does it become necessary/beneficial to consider creative financing options? For my first SFH purchase I should have 20% to put down, so would it even be beneficial to consider a different type of financing then standard bank financing? Thanks for the help!

[Robert Ruiz]

I was able to negotiate with my bank a 10% down on a conventional loan to purchase a house to rent. I wound up flipping it, and them went back to the bank an asked to do it again with another property but this time I wanted them to charge me only simple interest on the loan. They agreed. This bank was not in my hometown but about an hour away. They are very aggressive and looking to move into this area. To me, that's who you want to work with. There are plenty of 20% down banks here in town, and to me, if the deal works at 20% down, it will work even better at 10% down because ill be more liquid to finish the project through. I am kind of new to this, so I am not a guru or anything. The bank is now doing 3 more deals with me under these 10% terms. :)