Originally posted by C Rich:... I

@Benjamin Cowles @Rich Hupper   Rich this Is not correct.Purchase money mortgage relates to a first position mortgage or Deed of trust that is used to buy a primary residence.. and the salient fact is there is NO DEFICIANCY judgment available to the lender in this case. now this is true in about 12 states.. in the other states a deficancy is allowed in purchase money.. what Rich is describing is a seller carry back..Purchase money is a third party lender providing he financing or debt for the sale.

Jeff and Rich,I appreciate both of your long replies.

RyanYes Rich is right the interest is deductible for you regardless of how the private money lender is getting their funds.

Hi @Barrett Richie and congrats on your first purchase!

First it has nothing to do with Nouveau Richie.

Hi Rich,I think the lender would like to see past performance of the 11 properties (3 years of tax returns).

@Jason Rich I second the Champions recommendation, however, if the cost is your concern you can do real estate express online.

try BCB community bank in Union NJ.. ask to speak to Ricci Merendino (pronounced like Richie).   

Rich- I had read that he had withdrawn.