I know of a few multi unit deals where the sellers will hold mortgages for 20% of the purchase price. One $245k will hold a $50k mortgage, and another for $188k will hold a $39k mortgage. Both deals have great cash flow, and the sellers are paying all closing costs for me. The current broker that I am using is young and is not sure how to close these deals. Two questions:
1. Do I need any additional funds to close these deals since I am borrowing at 80% value?
2. Does anyone know of any lenders that can get these deals closed for me? Any feedback will be greatly appreciated!