Help with Creative Financing

[Nathan Mcnabb]

Hi, two years ago, I bought a 4plex for $275,000 . It cash flows about $1000 and has a balance of around 210,000 on it.  I've made a  deal on a 6 unit apartment 5 minutes from the house.  Got it under contract for 289,000, and it's currently bringing in $3750 in rent. I've got 40k lined up that I'll be  borrowing from my parents for downpayment . But after going to the bank that I normally deal with, they said rates for investment property will be around 9%. Then the bank is acting funny about my dti ratio since I've already got one investment property and one person home mortgage.  Any advice?  Even if the bank does approve me, im going to be stretched thin, paying my parents back in a timely manner. I've thought about doing a refi on my 4plex and pulling money out, but I hate the thought of losing my 5% rate I got on it. My current home loan is a heloc and its pretty much maxed out from using it for a down payment on the first property and its also climbed to 9% so I  need to get it redone to a traditional mortgage and get the rate down on it. Any advice on my mess would be greatly appreciated.  Im going to see if the seller would be interested in doing a land contract, but given their age, I dont see them going for it.