hello BP.  i am looking at possibly trying to finance a deal with some seller carry back (2nd position note).

initial thoughts are:

seller carrying 20% of the purchase price (39,000)
at 6% interest with interes...

My number one best all time creative financing of a property that I ever did was for a purchase of a empty lot two blocks from the ocean in Long Branch, I was reading the local auction list in my city when I noticed a property that at auction two weeks before that opened at a starting bid of $25,000 did not receive one bid, I went to the auction thinking I was going to pick it up for $10,000, I get to the auction at City hall and when the bidding started for this particular property I waited to see who was bidding, a man started it and I waited until nobody bid to start my bidding, well this man really wanted this property and so did I, when we were at $50,000 I started to try and knock him out by bidding in $1,000 increments instead of $100 increments, every time I bid he bid a $100.00 more, this went on until my winning bid of $66,700 and it was now mine, now if you don't know much about city auctions you do not walk around with that kind of money, a 10% deposit is what this auction required and they give (I forget the exact amount of time maybe 30 to 45 days to pay in full) now comes the creative financing part, I take my high credit card limit at the time of $72,000 (I saved all the 0 % introductory rate checks if paid to another credit card balance transfer and pay off another credit card that had a small balance of $1,000 and overpay the bill by $68,000, the overpaid credit card company sends me a over-payment refund check for $68,000 (that is 0% for six months being that it was a balance transfer offer of 0% for six months) I pay in full for the property within the time allowed by the city, (this was in 2003) I refinance another property that I increased it's value with the creative equity work I put in and got a favorable appraisal that allowed me to park the debt into a 30 year mortgage, the empty lot sold in June of 2006 for asking price of $229,000 with a profit of almost $150,000 after commissions, property taxes and maintenance/lawn cutting.

I'm personally an avid reader of PoPville, but I'm sure there are tons of other, more creative ways to keep a finger on a neighborhood's pulse without necessarily being there every day.

This has already been briefly talked about on here but I wanted to run it by anyone interested in a discussion(especially lenders). The quick and general idea here is; you have some cash, create an LLC, have that LLC ...

To summarize, I couldn't get bank financing during this whole COVID thing, so I got creative and found a seller financed deal.

Be creative.  

Get creative. 

I have a creative financing idea that I want to run by you all.

I personally think he is a genius when it comes to thinking outside the box and being creative in real estate investing.

I won't name them all here but I recommend you check out Chicago Creative Investors Associations (CCIA).