Deal structuring and seller financing

[Kasey Gourley]

Hello BP! I am from the Nashville area and new to REI. I have been educating myself in every way possible over the last 3 months. I have now decided to jump in head first and I have been making offers on buy and holds, as well as flips; all of which a higher offer has been accepted, but I have held my ground for good reasons on ensuring my analysis and numbers work and I get the return I expect given the riskiness of the property. I have recently come across a duplex I want to make an offer on and the sellers agent mentioned the owner has another duplex two doors down he would be willing to sell as well in a package deal (likely at a discount to get rid of both). I want to make an offer to buy both, but I wouldn't have the 20-25% down most banks would require so I am making an offer in which the seller carries a note on the property for 3-5 years. My question is, this being my first deal, how do I approach a bank with this deal? Do I disclose the seller taking a second mortgage? Would it be hard to get the bank to loan me the money (I have great credit, a good job, and a masters degree aka quite a bit of student loans)? Any insight would be greatly appreciated! Thanks