Look for finance ideas beside the typical 30yr fix via my bank

[Brad Kirkconnell]

Hello BP I'm ready to buy my next rental. My bank and mortgage companies I have approached have all stated that I have to put a minimum 20% down. I only have a fraction of the 20% for the price range I'm searching. Would anyone on BP recommend another way to finance the property or should I just hold out until I have the 20% down?

[Brian Gibbons]

some tips on subject to existing financing, 

number one: make sure that you have an exit strategy thats really quick,  like buy fix flip

You can rent it out but whatever you do don't buy on sub 2 and wrap or Buy on subject to and Lease to own

Number 2 understand there's due on sale clauses especially on the federally backed FHA loans

 This applies to wraparound mortgages also

Using private lender IRA money to buy clothes is your best bet, if you get the property 80% LTV. you can generally get a no money down deal

My favorite IRA custodian that puts together the paperwork for private lender money is www.trustetc.com

Research on that site "private banker concept"

Personally I hate banks, and try to avoid them at all costs

 Lastly You can look at 1031 trading properties like a bunch of houses for a small apartment building too

@Brad Kirkconnell