Most lenders will require at least 10% down from the buyer. The seller can hold a 2nd mortgage of 10% or more, but the lender will want you putting the at least 10% into the deal. The lender usually will not care where the 10% down comes from (HELOC, other investors, etc...).
I have bought properties and had the seller agree to pay me a commission (since I am licensed). This helped with the down payment money, but I still had to bring the cash to the closing table then reimburse myself from the commission.
Good Luck!!!
[ Edited by JDC21 on Date 09/01/2005 ]
Most lenders will require at least 10% down from the buyer. The seller can hold a 2nd mortgage of 10% or more, but the lender will want you putting the at least 10% into the deal. The lender usually will not care where the 10% down comes from (HELOC, other investors, etc...).
I have bought properties and had the seller agree to pay me a commission (since I am licensed). This helped with the down payment money, but I still had to bring the cash to the closing table then reimburse myself from the commission.
Good Luck!!!
[ Edited by JDC21 on Date 09/01/2005 ]