Financing Options for first property

[Ieva N.]

Hi all,

I have been doing a lot of reading on Bigger Pockets especially the material for new investors. My husband and I have evaluated several properties and have narrowed down to 2 properties - one is a duplex and the other a triplex. 

Upon a call to a mortgage insurance company, we were told that 20 - 25% down payment is the only option available. The asking price for the property is $84990. Seller financing is not a possibility. Are there any suggestions to how we can close the deal on this? We have evaluated monthly cash flow to be about $300/month

We are negotiating a lower purchase price but we are running out of options in terms of the financing. We have not evaluated partnerships, or private/hard financing, just wanted to know if there was anything other than that.

thanks for your support!

Regards,

Ieva