I’m looking to make my first real estate purchase in New York. I found a 3 family property that I’m very interested in purchasing but I don’t want to use any of my bank funds for the down paymentl. How can I structure this deal so that the owner pays for my down payment?
I wasn’t completely accurate in my post. You can have the seller pay your down pmt, it just has to be under the table.
Example on a $90,000 property
You bid $100,000 with the seller paying 3% of closing costs
You Put down $10,000
The seller agrees to give you $10,000 in private after the closing which was your down payment for giving him $10,000 over asking price. This is risky because there is no proof of your $10,000 arrangement and it would be completely on the honesty of the seller to give you the money as agreed.