Wanting to start Investing with low down payment- Madison, Wi

[Yashira Zavala]

Hi BP, here our scenario; husband is contractor and I'm a grad student almost finishing degree.We bough a foreclosure SFH on 2012 for 120K with an FHA loan and completely renovated (current value of the house is ~170K).

We want to buy a duplex that we found for ~200K but we only have about 15K saved (seller is not able to finance it but is willing to do a creative way if there are any that work for both). We are trying to get approved for a mortgage but it seems difficult with our numbers because of low asset money. Ideally we would like to keep our current home and thought that by moving into the duplex and renting our SFH everything would work out. Unfortunately lenders are asking for >15% down + 6 month reserve for both properties.

Any advice?

Thanks