Good deal on a duplex just can't find funding.

I found a duplex asking 45k and the seller is very motivated. One side is already rented out for 495 a month the other is vacant but will bring 450 a month. Can anyone point me in the right direction on funding my deal with little or no money down an a ok credit score? If I can talk him down more how can I put the money I talked him down in my pocket for a few improvements?
A Beginner Investor

I suggest talking to smaller local banks in your area as they have more flexibility with their loans. The rent vs. purchase price is good on this one, but you’re a beginner. Some banks may be leery of you since you don’t have experience.

The small local bank advice is a good one that I’ve used over the years. If you have decent credit and go in to meet the person in charge of lending, take him to the property, build a relationship, put up your credit, the title to the property, and the leases as security to get your deal done.

With excellent credit, you can hypothicate the payments at a current competitive interest rate at the bank and take out a signature loan equal to the rental payments on a monthly repayment.

Remember, the banks are in business to lend money. They borrow money and call it a ‘CD.’ They need to reloan that money at a profit. Give them a good reason and security to loan you the money and they will!!


Ask the bank. They used to do loans where the seller carried a second for the down payment and the bank held a first for 80% of the purchase price.

Lending is loosening up a little bit. Maybe a local bank would do a loan like that if the value is well secured.

What state is the property in.