Newbie investor: Creative financing

[Slaughter Paul]

I am shopping for my first investment property and I came across a duplex that has been on the market for over three months. The asking price is 210k but my agent says it’s only worth 180k in its current condition. The estimated cost of rehab is around 10-12k. My biggest problem is coming up with a creative way to put 20% down payment to avoid pmi. I only have enough savings for 15% down plus the rehab cost and cash reserve.

Can anyone please give me any information on the best method to close this deal?

[Slaughter Paul]

Originally posted by @Joseph Cacciapaglia:

My favorite strategy when short on cash is bringing in a partner. In your case, finding someone with experience to help you with your first deal would be ideal. However, it's going to be difficult to find a partner that is interested in paying $30K over the current value (assuming your agent is correct). If you're able to negotiate a substantial discount, it will make the process of finding a partner much easier.

I put an offer of 170k that was rejected. The property has been on the market for months so I’m hoping the selling will eventually start entertaining lower offers on the property due to everything that is happening in today’s economy. Besides, my max is 170k and I’m hoping to be in the first of the line when he does.