After reading the Carleton sheets "no money down" program and Bill Vaughn "Simple man's guide to real estate" program and trying to put into practice any of their techniques, I am having a very hard time succeeding. I have been making informal offers to listing agents using 3 offers and hoping they would show this to the sellers. The first is offering 85% of asking price. Second is a lease option/rent to own deal (would never work as realtor would lose his/her commission). Third is asking for 10% or more of the purchase as a promissary note to be paid in full with 3.5% interest in 5yrs+ with a balloon payment at the end. I don't know if this is smart but I was hoping that I would have enough equity in the end to refinance the mortgage and pay them off.

Anyways I got a seller interested in offer 3 but his realtor after talking to his lawyer told me there's no way to use the note as a down payment or equity as its coming from a borrowed source. Bill vaughn is all about finding dicounted mortgages and buying them and paying off the note holder on date of closing while providing the seller with a note and taking the difference at closing while sheets is about giving out promissary notes. I haven't been able to find discounted notes in canada, and now that I have an interested seller I don't know how to go about and write up the contract and get financing for this. Please help me. Any info will be very appreciated and I love this board and will be contributing as my investment career furthers along its path. Thanks everyone.

PS: Sorry for the long essay but I'll keep it short from now on, promise.