Hey Mark, I haven’t done my first deal. However, I have been listening to a lot of creative financing stuff. If you purchase the property for $210k the down payment would be $42k plus whatever your closing costs would be. Well, what if you use a sellers credit to help with the closing costs or down payment? (ask your lender what’s the max amount you can get for sellers credit). So instead paying $210K pay $230k will a seller credit back to you of $20k. If you’re able to get back that much. Again talk to your lender and talk to the seller about structuring the deal that way so there are no surprises. Watch the multifamily mentor with Axel, it’ll be the one from 3 weeks ago. He talks about creative financing. You could also have the seller cover the down payment. Just so ideas. (I’ve heard of people doing that)
Hope this helps.
