Posted by Mark-NC on February 19, 2000 at 09:52:20:
If you put 20k down and have the seller hold a note, it will be in a first position. If it is recorded It will be in a first position. So when you go to the bank they will see the lien. And you won’t be able to borrow on it unless you own it. But before you own it you will have to close in order to close you will need your down payment.
Another problem, you will hurt yourself if you could do it. You will have a property that is over financed and you may not be able to cover the mortgage payments with the rent. And if you ever needed to get rid of it you will have a real hard time.
Sorry it doesn’t look good to me…maybe someone else can help.