First Multi-Family Purchase and Financing

[Kevin Bazner]

I'm currently looking at a few multi-family properties in my local area (~max $200k). I would like to find advice on financing the project. I currently have two properties under personal mortgages and traditional financing. I'm not familiar with many creative financing options. I would be able to finance approximately 10-20% of the property, but would like to retain some funds for quick upgrades and reserve funds. Most properties I'm looking at have occupancy through May/June 2017 (not that far off) and a cap rate between 6-8%, which is fairly typical for the types of properties I'm looking at. The concern for the cap rate I would have would be the increased cost of financing any improvements. I'd appreciate any advice and thanks in advance to anyone with ideas.