How do you finance the 'big' one?

[Account Closed]

Currently living in my first house- a duplex where my tenant is paying about 80% of my mortgage. I'm already working on putting in a small efficiency apartment above the garage (which I plan on moving into when it's done) which should yield about $225-250 a door/month profit when I rent out the second unit. I'm paying down debt like crazy and saving for my next property.

Of course I look the other day and there is a gorgeous 14 unit for sale in one of my favorite neighborhoods. The preliminary numbers look good- (obviously much more in depth research is needed) but it brings up the question- how do you finance the 'big' one? This would be the one where I could quit my everyday job if I wanted to. (I don't plan on quitting any time soon- but it's a nice thought.) I'm not in a position to go knocking on the bank's door. What alternative financing methods are out there? I'd rather avoid a balloon payment and as of right now I have no partners but would consider one.

Doubt I could make this happen but who knows?

[Henri Meli]

First . Never say "I  can't". Always ask ,,, "How can I make this work".

Second.  If you can't finance it alone, then there are options and are a few: Cash-rich partner, Private money(expensive), Dig into your available funds: credit cards, heloc, friends and family.

Third: Yes, you will most likely need a bank loan. Start working on it by making calls and feeling things out. Do not take no for an answer from the first bank. be persistent. 

Good luck.