Ask me about real estate investing

[sahara1]

I'm interested in the financing portion. You mentioned in a previous thread that typically banks want 30% down but are indifferent to where it comes from. From this you would typically try to get the owner to take a 20% second mortgage on the property. What type of give/take do you do with him to get him to accept these terms? How is this done? Could you elaborate the process a little more using an example property. Do you just ask him, "Hey man, would you mind taking a 20% second mortgage so I can buy this thing?"


Can you recommend some texts in each of the above areas or otherwise helpful resources to get a more in depth knowledge of the subject matter?