Creative financing for first deal

[Alex Bradley]

Okay so I want to buy a multi family place in my area (San Diego) but prices are crazy high for my current budget. I have an idea for a potential way to pay for the down payment but I have no idea if it makes sense or if it’s even possible. Would it be possible for me to get a hard money loan to pay for the down payment on a conventional or FHA loan? Would any lender approve that? My thought process is that I cant affoed the full down oayment on the conventional loan but I could definitely afford the down payment of the hard money loan. I understand that I would then have two loans to pay off and two sets of interest to pay off so I would have to see if that makes sense for me financially but I figured before I start running those numbers I would ask if this kind of thing is even possible. I’m also looking into partnering with other investors on a deal but if you know of any other creative ways to purchase a $700k + property with only $10k in the bank let me know! TIA.