Beginner Question Help

[Sam Gleadle]

Hey guys! 

A multi-family property just popped up on the MLS, and it is in a pretty good area and the seller needs to sell quickly. My friends and I have been asking questions and definitely have interest in the two units.

Because of it being two units, we must put down a 25% down payment as it is an investment property. Our question is, due to us not having enough money, what are some options to get the money? We obviously know about a normal lender or a private lender, but just wanted to ask and see what creative ways people have out there, or some we haven’t looked at! 
The total down payment money needed is around the $77K mark and some additional money for some small rehab! 

Thanks guys, can’t wait to read the responses.

Sam

[Mike McCarthy]

@Sam Gleadle have you talked to your realtor or a mortgage broker about an FHA loan? For first time buyers, it's 2.5% or 5% down. Pretty good deal if you're going to live in half of the duplex.

If you’re looking at it as just an investment property, your choices are slimmer.

If the seller wants to get out quick, make sure you do your due diligence. Some small-scale landlords are getting out of the business because of unpaid rent. Also there’s likely deferred maintenance on the property. All good ways to get in, fix it up, and make some money... but know what you’re getting into.