Creative Financing Primary Residence Purchase

[Adam King]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $640,000

This is my primary residence. At the time of purchase, this home appraised at 800k. I was able to use creative financing strategies to get it for 640k with no money down (except for closing costs).

What made you interested in investing in this type of deal?

I wanted to retain as much cash as possible, while still getting into my desired neighborhood

How did you find this deal and how did you negotiate it?

Through door knocking and finding the sellers motivation and pain points

How did you finance this deal?

Conventional Loan at 3%

How did you add value to the deal?

The value I was able to add to this deal, was mortgaging the property to provide all of the cash to the seller. And letting remain in the property until they were ready to leave.

What was the outcome?

I closed on the deal at $640k while the home was valued at $800k. The seller ended up moving out in January of 22 and I move in shortly thereafter.

Lessons learned? Challenges?

The only challenge I faced was explaining how my deal worked to the seller and the loan officer. Other than that there this was a seamless purchase.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Only myself, I negotiated the whole deal. That it what made me decide to end up getting my license, and I have not looked back since.