When the Vendor (aka the seller) of a property is willing to provide some (or all) of the mortgage financing on a property, it is referred to as a Vendor Take Back (VTB). As a real estate investor, I ask for a VTB on most of the deals that I am involved with. As there are significant benefits to both parties involved in the deal, it doesn't hurt to ask the vendor if he/she would be willing to carry the mortgage - even if it's only a smaller 2nd mortgage. Believe me- asking that one simple question could result in an additional $5,000 - $10,000 in financing for you!
money making
Remember that book by Stephen Covey that was printed in 1989, Seven Habits of Highly Effective People? In it's day it was a best seller, and even now it's still great advice. I found my old copy on my shelf the other day and I started to wonder... what would the seven habits of a successful real estate investor be?