Help, creative financing to purchase a duplex?

[Mike Lightcap]

Hey guys, I am currently trying to buy a duplex and wanted some advice on how I might be able to structure a deal. The property is a duplex and both units are 2 bedrooms 1 bath. The current owner is renting out the 1st floor unit for $700 and the 2nd floor for $600, he said both units will go up $50 in April. He is asking 170k and said other investors are asking for seller financing but his wife isn't to excited about doing that. I would love to get the property but don't want to put out all the money for the 20% down, are there any ways to structure the deal in order for me to put less money down? Maybe I could finance half of it through the bank to give him a chunk of money upfront to appease the wife and then finance the rest from him? Any ideas and details on how to do so will be very appreciated since I am new into the game. Also if I update the units I'm sure I can get 900-1000 for the units. Thanks in advance, Mike

[Steve Vaughan]

Is a duplex that needs work that earns less than 1% rent per month a good deal in Philly?  Maybe it's in a really nice area?

I was under the impression it was easy to get a 1% producer there.  That doesn't need work. 

Either way, I like to offer first through a letter of intent.  You can outline 3 scenarios which you would be willing to buy all in one personal letter.  Cash, with terms or a master lease option for instance.  The price increases with each strategy.

Check your numbers and good luck @Mike Lightcap!