Creative Real Estate Financing
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated about 19 years ago, 12/13/2005
Help! My brain has gone on strike
I have what I think will be a good deal in the making, but am having trouble finding a lender. Here's the deal. CA single family home appraised at around $300,000 seller willing to take $170,000 for it (just wants to pay off the bank) and willing to stay on as renter. Here's the problem: in order to make this work I would preferably have to bring the payments down to $1,000/mo or less, but the lowest I've been offered so far would be $1200/mo and the lenders want at least a 10% downpayment (which I don't have, wouldn't be willing to pay out of pocket anyway) I know this must be doable, but apparently creativity isn't my forte. I'm open to any and all ideas!!