How to buy rental condo with less than 20% DOWN?????

[Jarrett Harris]

Hello all. I am currently looking to purchase my second rental property. It is a 2 bed 2 bath condo for $57K  The finance company that I got my 4-unit through says they will not do a mortgage below $50K and they would require 20% down since this will be another rental for me and not owner occupied. How can I get around this? Any ideas. Do anyone only do loans for 10% down?

http://www.realtor.com/realestateandhomes-detail/19547-Lake-Shore-Dr-Apt-2_Lynwood_IL_60411_M85477-65079?row=21

[Kelley B.]

Originally posted by @Account Closed:

Jarrett,

Why don't you offer $62.5k for the condo and ask the seller for a $5.5k credit for closing costs and repairs? That should give you a $50k loan with 20% down. 

That would work if it appraises out.