First Real Estate Investment - Multifamily 4 Flex

[Fong Xiong]

First off my name is Fong, I'm 29 years old, I'm very new here. I have been listening to David and Rob for weeks on end on their podcast on my commute to work and have read through a few books from Brandon Turner and it has given me hopes on eventually being able to escape my 9-5 job. Have bought many other books in preparations from other successful investor such as David and Rob but in the saying of Brandon, "it doesn't matter how many books I read but if I don't take any actions it's all doesn't lead anywhere." So here's me taking my first big step to financial freedom. I also apologize in advance but I'm really "green" in regards to real estate and not 100% confidence yet in my capabilities but I have chance upon a opportunity on this property that I'm looking to give it a shot.

Long story short, I chanced upon a 4plex multifamily home with 16bds 8ba near where i went to college and it's a few block from the University. The avg rent around the surrounding areas are about 1700-2200 for a 4bed 2ba apartment.

PP asking is $620,000 at 4% IR

Using the Rental Property tool I would cash flow about $1600 monthly after all expenses and with a CoC ROI of 9%.
I would need about $20-30K rehab: new carpets, new paints inside, new tiles.

My inquiries is, what are some creative finance idea could I pitch to the seller and his agent in regards to his equity of the property which is about $70k if they are willing to do a subject to deal for the property?

In what ways can I structure a deal that would still make a profitable cash flow if I have the owner seller finance me the $70K? Or should I just outsource for a private money loan for the 70K?

Thanks in advance for any tips and advice!