Help! How do I finance this thing?!

[Tyler Purcell]

Hello everyone,

I am new to real estate investing and I found a place that I feel is an excellent investment for me. I currently work for a real estate appraiser and we have done extensive research on the property and she also believes it's a good buy.

The property is an REO 2BR/2BA condo. We were looking for a cheap fixer upper for me to buy and fix up in order to rent it out. After searching MLS for quite a time, I eventually found this place. Here's the kicker - it's across the street from me. Literally. I can walk to it. This will make it easy for me to work on until its ready to rent, then when it comes time to rent it out I can easily monitor it's activity.

Lets get down to details. The property is an 1100 sq.ft. condo located on the 3rd floor of a 3 floor unit. It overlooks the pool and is a part of a small community of units. It's was foreclosed on in late 07' and as of Feb of 08' it was listed at 185,000. It was slowly dropped in price until it was sold to another bank. It was listed again and dropped again and again and then finally sold or somehow transfered to Chase, who holds the loan now.

Finally, the place is for sale at $34000. We need about $2500 to close on it and anywhere from $3k to $5k to do repairs. We think we can get the property for 30k or 32k and likely wont use an agent or anything to buy it, because she is a licensed realtor. I have the skills to do almost everything myself. Because it's so close, I can work on it really easily as well.

Cash Flow (Per Month)
$210 - Loan for 30k @ 6% for 20 yr. term
$200 - HOA Fees (Actually $194 per. mo.)
$100 - for monthly repairs etc. (way overkill?)
Taxes are $600 per year.
Insurance is no more than $900 per year.
I also gave myself an extra $500 per year for repair.
This accounts for 15% vacancy (will take about 2-3 weeks to repair)

Total expenses per mo.: ~ $670

I currently rent a 2BR/2BA apartment across the street for $1220 per month. My current rent does not include water, or any other utilities. After the renovation, this condo will be significantly nicer than my current unit, and the HOA fee pays for water and cable. With this in mind, I think it could be rented for more than my current apartment, possibly for $1400 per month on the high end.

If rented at $1100, this would flow $3040 per year by our estimate.
If rented at $1400, this would flow $6100 per year by our estimate.
This means $250 to $500 per month.

THE BOTTOM LINE
I have no cash. At all. I can raise up 2-3k in funds from my family but will need to pay it back. I was previously a student and I have little employment history. I JUST started a new job making $1700 per mo. (base pay) to $3000 per mo. (commissions). I also work part time for the appraiser, who will provide proof of employment. However, I do not have checks from either of them yet. I DO have two years employment history with another company, but as a student I only made about $13k per year with them.

We need to get a loan for the value of the property and come up with enough cash to close on it and repair it (5k high end estimate). How can we make this happen? No, I do not have (and can not get) a co-signer.