Purchasing first investment property with lender issues

[Connor Fitzgerald]

Hey everyone!

My name's Connor Fitzgerald and I'm a new real estate investor working on a deal in the 36201 zip code in Alabama.  The property is a quadruplex that is listed for $130,000.  Each unit rents for $500 a month and factoring in the 50% rule and the mortgage it should net $319.00 a month.  The area is known for sub-5% vacancy rates and the property was completely renovated two years ago including mechanical.  The seller has sent me his expenses for the previous 3 years which shows repairs at only 10% of the gross monthly income.  The issue I'm running into is that the lender wants 30% and a cosigner with real estate experience.  Does anyone have experience in this area or know a workaround for this issue?  Any advice would be greatly appreciated!

Thanks,

Connor Fitzgerald