Small multifamily struggles

[Greg Larson]

Hey BP,

I'm currently looking for a small multifamily deal near Knoxville TN but everything in my price point (<$320k) seems to not be panning out and I'm starting to get discouraged with this goal.

The last place I looked at (a duplex), the seller is trying to sell it for $279,900 but the rents are only $700 per side. Even if I raised them to $1100 per side it still wouldn't cash flow at that purchase price. (They bought this place in 2012 for $130k)

This has been a similar story with the last handful of properties I've looked at between March and now.

Im currently living in my RV while I wai for the right deal, and I hate to be sitting on the sidelines with my money in a savings account and not working for me.

What would you suggest I do to accomplish my goal of purchasing a multifamily property and live in one side / rent out the other?

TIA

[Dave Skow]

@Greg Larson- partnering can be a OK idea but it ca also be tricky ....if you do this - seek out a real estate attorney to help draft up an agreeemnt that covers all bases .....also on a FHA loan - a non owner occupied co borrower /partner is not usable