Found a cash flowing property but.....

[James Haffner]

My Fiancee have been looking for a good cash flowing property home for the past 2-3 months. We've been looking pretty religiously and haven't been able to find anything in our price range, or that produces the #'s were looking for. 

We happened to stumble on a duplex for sale next to a community college in Everett, WA. Thinking of a suggestion we received here on bigger pockets to find a home, and rent the rooms out to students we decided to analyze it. After we ran the #'s including $35,000 for a rehab ( although we don't know what the house needs we just went high) 9% property management, 25% down, and us paying for the utilities. We were able to calculate out a case flow of roughly $400.00 a month, after all the money that we put down it was a 6.51 cash on cash ROI.. Of course this is tentative and would be more solid after further research.

We contacted our RE agent who proceeded to let us know that the home is Cash only sold as is. 

to us it was a pretty big bummer, because it seemed promising with some sweat equity and persistance.

We were curious if anyone has found a way around thee kind of rules? and if so how? 

[Charlie Fitzgerald]

Use a private money lender for the acquisition and rehab phase and refinance to permanent financing after you own it.  I can help.