Looking for a lender that will finance $30K duplex

[Emilio Basa]

Hi everyone,

I'm looking for some advice or some possible references. I'm talking to a seller now that owns a duplex that is generating $920/month in rent. His asking price is $30K and this is his last property before retiring. I'm going to try and work out a Land Contract, but so far I'm having a hard time finding a lender that will create a mortgage on anything lower than $35K. 

Does anybody know of a lender that will help finance this deal for me? I have money I can put down for a deposit and I have a good credit score. Thanks for your help!

[Chinmay J.]

@Emilio Basa  Look for private money. The interest rate will be higher than bank, or even better see if you can convince the owner to do seller financing. Explain him the benefit of getting stream of cash every month vs lump sum.  Explain him the tax advantages in this approach.  Good luck