Money for Downpayment

[Ben Ruffing]

Hello,

I am a teacher for my job and have 2 duplexes now. I am focusing on trying to find off market deals and working with creative finance since expansion is slow moving based on my salary, and I'm too impatient to wait for the duplexes to earn another down payment.

Is there a financing option that I am missing to get a loan for a down payment? One hard money lender told me they don't do loans of that nature, and I am meeting with a different one tomorrow.

Curious if anyone has any solutions.

Thanks! 

[John Cardinale]

Quote from @Ben Ruffing:

Hello,

I am a teacher for my job and have 2 duplexes now. I am focusing on trying to find off market deals and working with creative finance since expansion is slow moving based on my salary, and I'm too impatient to wait for the duplexes to earn another down payment.

Is there a financing option that I am missing to get a loan for a down payment? One hard money lender told me they don't do loans of that nature, and I am meeting with a different one tomorrow.

Curious if anyone has any solutions.

Thanks! 

Find a deal where the seller is willing to owner finance and instead of having them do the majority of the deal ask them to loan you the down payment. 

[Kory Reynolds]

Or, find a business partner who has money, but not time.  You bring the time and a little money, they bring the rest of the money, and you go out and make some deals.

You are giving up more of the upside, but it is getting you in on deals you otherwise couldn't have pursued.  Would rather have 30% of a $1m deal than 100% of no deal.