A loan with money back from the seller

[Katherine Roberts]

Hi,

I’m new to real estate investing. I found a duplex I’m interested in and I want to make an offer. It needs a new roof and one of the units had some water damage so I’d need to redo the cabinets and floor. I figured I would go ahead and put new countertops and backsplashes in as well. 

It cash flows slightly at 325k but I’d like to get it closer to 290k so that I can do the renovations and roof. I plan to put 20% down and get a loan for the rest. 

I have seen a few videos about creative financing and making an offer for a certain price and then the seller gives you a check at the end. For example, I offer 325k but ask for 30k back for the roof and fixing water damage. I feel like I’m missing something. How does that work? What do I say to a loan officer? Any advice on how to make the deal work?