Getting creative for down payment on 4plex

[Mindy Templeton]

Interested in buying our first investment property, but lacking funds for the total down payment.  It’s a 4plex with a purchase price of $275k, so would need around $67k, and I can come up with around $20k of that.  We don’t have enough equity in our current home to do a Heloc.  Curious what others have done to get creative when they needed funds for their first property.  Any ideas appreciated or feel free to tell me I’m crazy. (in a nice way) 😜 Thanks

[Charles Soper]

Is the seller willing to carry the note?  Maybe offer $10-$20k down and interest only.  Figure out why they’re selling and solve their problem, sometimes it’s not about the sale as much as it is about solving an immediate problem.  Pete Fortunato is a well known investor who preaches seller financing and creative real estate and he talks about buying on seller financing for peanuts because he solved a problem for the seller.  Like they just need out of the property and $500/month at 5% interest for a few decades makes that happen, mailbox money!

Hope that helps a little, BTW, Pete wrote a book or two, check amazon, he still teaches at seminars too!