Creative Financing Options (Feedback Appreciated)

[Noah Kellar]

Greetings,

I have come across a property in an outstanding location & having trouble with financing. The property includes 3 run-down houses at 2 bed, 1 bath per unit. The selling price is $350,000 & based mainly on the property value itself. City water & sewer. After viewing this property & running the numbers, it seems like the perfect deal. With that being said, each unit needs a full renovation. Each unit estimates $60k in annual, gross income based on other short-term rentals in this area. We have estimated $150k-$200k in renovations along with furnishing/appliances. To add, I have a team through family & friends for repairs. The numbers after expenses & reserves estimates $4k-$5k/mon (approx $4k before refi, $5k after refi). These results are based off $510k through a hard money lender, since no FHA or conventional is in the mix. Hard money lender wants 25% down & ridiculous fees (obviously). This would require approx $150k down to begin & around $4k/mon until refi. The plan would be to do one unit at a time & start renting asap. My personal goal is to scale & a property like this would take a ton of work, but seems to be worth it. Lastly, I am prepared to request help from family, but $150k probably too much.

Are there any other financing options? Is this too big of a puzzle just starting out?

I appreciate all feedback. Thank you.