Long Term rental financing

[Randy Difani]

Hello all. I'm in an interesting situation and need a new perspective or two.

I'm under contract on two duplexes for $25,000 each. They are both fully occupied and will net approximately $12,000 / yr total.

I have gone through many financing options. I have been approved for a traditional investment loan at 5 percent interest while putting 20 percent down. The issue I have with this option is the other closing costs as they represent another large percentage of the total transaction.

So, I have tried to reassign the contracts. I had gotten several people interested but the seller would only allow one other person to view all of the units.  Since the seller isn't too accommodating I don't think reassigning the contracts is possible.

So I'm trying to obtain financing for these properties as long term holds. Hard money lending hasn't made sense in this scenario.

Any suggestions?

Thank you,

Randy Difani