How to finance a 9-unit apartment building

[Account Closed]

Hey guys! I'm currently managing a 9-unit apartment building for the owner. I am interested in buying it but don't have a ton of cash at the moment. We've agreed to a price of 375k. How would I be able to get financing for this? Is there a way I can get an 80% LTV loan and use a hard money lender for the down payment? I really am not sure how I can get in on this deal but it's a VERY good deal. Any help would be much appreciated!! Thank you.

[Bjorn Ahlblad]

@Account Closed Lenders have tightened up especially on residential over 4 units. The hard money down won't work. You have the advantage of knowing the property and the owner; sell him/her on the idea of 'seller  finance'. Pay them back over time, the owner can carry for a year or two or longer if they want. An installment sale eases his/her tax burden, and gives you time to raise rents and work up a down payment. See if you can increase your knowledge on that aspect of a deal and work on a pitch. All the best!