Secured a private loan interest only payments until final sale of property.

Most work like this: Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 we charge $2,500 minimum)Max Loan: 65%-70% of After Repair Value(ARV) 100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 WeeksWe have private lending partners throughout the entire United States that cover the following states: AL, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, OH, OK, OR, PA, RI, TN, TX, UT, VA, WA, WV, WI, WY.

Thats alright, for my first investment I'd really just like to cut my mortgage payments down so I can save money for my first true investment property. 

The 4% interest rate is an important part of this calculation because the principle paydown portion of your payment is significant, I'm going to guess it's about $9k per year.

 $300k/1945 is 154 months (12.85 years) to have the cash flow recover the additional down payment.  

Of course,the private lenders usually want equity.We want to move to exclusively using private money (on a debt loan) and cut out the hard money. 

to start: large level and small level power tools (drill, saws, nail gun, multi tool) screw drivershammersmeasuring tapesstud locatorchalk stringpry barvicesmagnet wire stripper flashlight tapes (duct, blue, masking)paint brushes, rollers, pans gloves putty knifestraight edge cutting tool steel woolpapertowels, shop towels  garbage bagsmagic eraser

There are a lot of local lenders that charge a 1% origination fee and the interest only payments during construction are prime plus .75 - 1.0%.

That said you could ask for a statement showing their recent payments.

I provided an up front $10000 earnest money payment and then secured a monthly interest only loan with principal being paid upon final sale.