Starting Out, first deal, looking for financing advice

[Seepaul Paray]

Hello,

I am working on putting together an offer for my first deal. The property is up the block from where I currently live in Long Island, New York. After running the number at various interest rates, worst case scenario's in terms of vacancy and expenses - the deal still comes out with cash flow in the region of $100-$600+  a month. 

The issue I'm running into, though I've only called a few conventional big bank lenders, is that I will need to put at least 20% down on a possible $350,000 sale price. At the moment 20% is unattainable for me however 10% is do-able. 

I'm looking for help in seeking finance options at the moment. The property is currently leased up with strong cash flow and leased until 6/1/2017. 

What are my options? Who are my options?

Thanks

[Scott Wolf]

@Seepaul Paray  you would need to

1) Find a hard money lender or a private investor to go in with you. 

2) Or perhaps the seller would consider seller financing. 

3) Listen to @Karl Dowden and live in the property to obtain a FHA loan. That way you can rent out your current home or move-out completely if you are renting.

Based on the numbers you have provided ($100 per month cash flow), a 3.5% cash-on-cash return is not something most investors would be interested in.    Best of luck.