Seller financing a triplex - $500k, $80k down, 6% - I don't have $80k, help?

[A.J. Vanderhoff]

A family friend of mine who is a long time real estate investor with several properties has offered to sell me one of his properties. It's a 5 bedroom house with two 1 bedroom apartments attached to it. 

He said a realtor has advised him to sell it for $500k so he wants exactly that as well as $80k down at a 6% interest rate. It's not on the market and he does not have to sell. If someone is interested in buying it (like me) he will sell for what he wants. 

I do not have the $80k for the down payment. If someone could help me with my situation of needing to raising capital and how I should go about it I would really appreciate the input. 

[Jeff Ballus]

Hi AJ, is it a good deal. Just because the realtor said $500k doesn't necessarily mean it is a good deal. Do some comps, if you need help with this I'm happy to help. Why do you want to buy it? A value add opportunity? Are you gonna BRRR it? Do the rents cover the mortgage? Assuming it is a decent deal, can you offer him different terms and see if you can fund it with a smaller entry cost which might make it easier for you to find the cash (hard money, a partner to fund the cash and share in the ownership). Say 10% down ($50k) instead of the 16% down he wants. If he owes a mortgage on it maybe the rate is low and you can buy the property "Subject to" the current mortgage (take over his low rate mortgage and pay him the balance with seller finance at 6% to save you some $$). Happy to discuss all of these strategies over the phone just shoot me a dm. Good luck!