Seeking Advice : Funding my first deal while already a homeowner

[Frank Pilipauskas]

Hey BP!

I'm having a hard time securing funding for my first deal. I am 27 years old and recently bought my first condo about 7 months ago, only a short time before i read Kiyosaki's Rich Dad Poor Dad which ignited a flame in me to read everything I could and pursue my dream of real estate investing. I wish I would have waited to buy the condo, as I would love to house-hack, but I feel like if i sell this place right away I will lose a lot of money so this really isn't an option unless I have to bite the bullet to get started.

I found a great multi-family that was listed as a duplex, but was really a triplex in the suburbs of Chicago for a great price. I could not secure funding to make an offer, and a day later the property was under contract. I talked to some banks which said that I need to have 2 years of experience renting out or they show the rent roll as 0 even if the place is fully rented out, and that my W-2 job would have to cover both my condo as well as my investment property. I'm looking to purchase only multi-family's, so this would be extremely hard as I do not make enough to cover both, nor do i have the 25% to put down for a multi.

I do not have family or friends with private money that I can pursue, so I wanted to get some advice from the community as to what some of my options are. So far I believe I can only do seller financing deals, or refinance my current condo after i save up a bit more to put a full 20% down so I can then rent this out, and move into a multi-family and house hack. Please let me know your thoughts. Any advice is greatly appreciated!