How to buy 5 Unit Complex on same street I have 32 units

[Chace Corbett]

I currently co-own and manage a 4 building 32 unit complex on the same street where a single building 5 unit complex just came available for sale (all 1Br1/1Ba). I know the demographics, I know what the units will conservatively bring in for rent. To be honest, I have people waiting to rent a 1BR unit from me I just don’t have enough 1BR/1BA’s for rent. Once one comes vacant they are rented within 1 week typically. My family has been in business here for almost 40 years so through word of mouth over the years we get tons of referrals. I always say when you take care of your tenants they will take care of you! My problem is they’re asking $489,000 and I do not have the capital upfront to put that kind of money down. The units are all rented and I feel confident with my knowledge and time spent managing similar properties in the area that this would be a great investment. My office is one street up and I have a full time maintenance staff who handles all maintenance and repairs.

My question is for someone who has done a deal like this and had to use partners, lenders, etc. to execute, what do you suggest I do to find financing for a deal like this? What routes have you gone to proven successful?