First deal -- Input please

[Chris Kua]

I live in Hawaii. Found a great deal on a really nice two year old house. I have an agreed upon price with the seller of $150K.

According to my real estate agent, comps have placed a value of $179,000 on this property.

I've got the seller open to carrying back a 2nd mortgage of $25K.

I'm currently working on finding private money for the other $125,000 and obviously securing it with a first mortgage. Don't have the funds yet so if you know anyone open to being secured by a first with LTV of 70%, I'd much appreciate it and of course would cut you in on some coin once I exit.

My credit is not stellar but it's building which is why I'd like to stay away from conventional lending.

Exit strategy would be either Lease Option or Owner Financing with 10%-20% down. This way, I could sell the property for $189k and carve out a pretty nice profit for all those involved.

Any thoughts or comments would be much appreciated. Been outta the game for three years...this is my first deal in this "new" market.

Mahalo!