Duplex under contract

[John Slipski]

Hi all, I am in need of some advice. I have a duplex under contract in a great neighborhood in Boardman Ohio. It has some differed maintenance but is fully rented. Both units are 3 bed 1 bath and each has its own segmented side of the basement. One tenant has been there 14 years and pays $400 per month, however market value in this neighborhood is between $600 and $700 per month. The bottom unit is recently leased in June of 2016 for $550/ month. Tenants pay all utilities except water/sewer. I have it under contract for $51k but am having trouble finding financing due to my personal debt to income ratio being higher than the secondary market guidelines. I have one other property, single family, that I purchased 3 months ago in cash and is cash flowing $500/ month after expenses. I have an LOC out on it in my LLC name but there is not enough room left in it to purchase the duplex, only enough to leverage for a down payment on the duplex. I'm looking for ideas on how to get financing. The sellers are not interested in owner financing. Thanks, John.