Criteria To Obtain Financing For This MultiFamily Deal In Houston

[Danny N.]

Multi Unit For Sale

I would like to purchase this rental property above. I have up to $350k to use as a downpayment, the property can be had for $1.3M the realtor told me, it is 14 units and doing close to $15,000/mo gross, but in one of the best areas in town. I had problems arranging financing a year and a half ago for a rental property that was $500k bc I only show $165k income, so I had to put 50% down. Right now my balance sheet stands at

$1.35M personal residence

$650k vacation rental

$200k piece of land

$200k piece of land

$65k rental home

$65k rental home

$60k rental home

I also have a couple rental properties + land in another country but those dont count according to the bank I financed my vacation home with(chase).

Debts $230k mortgage on vacation home, $200k mortgage on residence, $75k loan on a classic car. Overall net worth $2.5-2.7 range in the US and no credit card debt. 

I would like to finance this multifamily bc its down the street from my home and would be easy to manage for me, what options do I have to get financing for this with the limited cash & debt to income that I have? Thank you