Can this work????

Financing, Hard Money Lenders, Private Money
1

I am getting ready to write a contract for a 9 unit apartment building. The building is selling for 240K and I want to put as little down out of pocket as possible. Is there a limit to the amount the seller can give back at closing and how does it have to be disclosed in the contract? Can i call it a maintenance fund? I am looking to have the seller hold a second for 10% and then try to get cash back for about 5% and then put 5% of my own down. I have good credit (700) but not a ton of cash. This is definitely a money maker once I get the property financed. Any suggestions to get this to work?

I can provide any additional info needed.
Thanks

2

What state is this in? What is the appraised value?

3

I have not done an appraisal on it yet but it is probably close to 300K(According to county auditor which is usually lower than actual appraisal). I have always been told that the lender will only loan based on contract amount rather than appraisal amount. It is located in Ohio.
Thanks

4

This is going to be hard to do without at least putting 10% down. Is there any way to reach 10%? Mayb a heloc on another property?