Financing Options

[Rodney Dixon]

I've just accorss my 1st real estate acquisition. Its a multi-family property that has some good statistics to to it. Below are the details:

No. of units: 8

Price: $199,900

Builidng size: 1 story/2,043 sq. ft

Cap rate: 16%

Current Occupancy: 100%

Financial summary: 2013

1. Gross income: $48k
2. Operating expenses: $14,640
3. Net operating income: $33,360

While currently in the process of obtaining ownership of this property the broker had informed me that from a financing aspect as well as a fact of the matter, there's a existing mortage already on the property for $62k. That # could be brought to the table by them to complete any financing brought about on the property in which I would only have to come up with the remaining difference between that # and the selling price in order to acquire this property. Having poor credit, and no money, can someone present some methods or lender contacts that would assist me in the acquisition of this property with my current situation?