Seller Financing Question

[Michael Macaluso]

Hello BP community!

I have a question regarding seller financing. Right now, I’m interested in buying a property in my town. It’s a cash-flowing duplex that has room for equity growth through rehabbing. I’m really interested in buying this property. There is one hold up though..I don’t have the money for the full 20% down payment.

I’m in the process of a cash out refinance on one of my properties, but probably won’t go through for a few months.

The seller accepted an offer of the asking price of $190,000. But, I would like to make the same offer but have him hold 20% of the note.

As a beginner, I’m unsure of how this process fully works. If anyone could offer some insight, or perhaps a better strategy for obtaining the property, that would be great.

I have 15k of my own personal cash available to invest as well.

Thank you!