Greetings denizens of Bigger Pockets!

I have found a 5 unit property where the Seller is willing to carry a 25% 2nd mortgage. (70k purchase price, $2300/month gross income, $1300/month expenses) Initially I thought I could have the Seller 2nd cover my down payment but my research here on BP has taught me that any bank will want at least 10% from my pocket plus closing costs, if I can even get that.

Welcome to Bigger Pockets.

Welcome to Bigger Pockets and as you can see you already have received some help.

I'm learning quite a bit from Bigger Pockets.

Cash out of pocket was $34K.

Here is the link to the Club list here on Bigger Pockets: http://www.biggerpockets.com/real-estate-clubs/illinois.html

I would never personally be out in public with any more than a couple hundred dollars in my pocket.

I was looking for a place to give real answers and not fantasies about real estate investing; Bigger Pockets is the only place for that.

I am very new to bigger pockets and real estate in general.