Help! Newbie looking for financing advice

[Jarred Ross]

Hey everyone,

I'm a fairly new investor. Only been into real estate for about a year now and only closed my first deal about a week ago. I came across an awesome opportunity for some rental properties I'll outline to you.

Seller has a 7 unit, a 5 unit, and a 4 unit. NOI of $74,000/year (total value $370,000 using 20% cap). He also has 17 other houses he wants to owner finance to me. He needs $150,000 to pay off back taxes and a lien that is covering all the properties. So I'll be purchasing the multi-families for $150,000, which he will use to pay off the liens. Then, he said he will owner finance the rest with no money down. So really, this is a no money down owner financing deal, but the liens have to be paid before we can move forward.

I'm looking for $175,000 which will be secured with the 3 multi-families I mentioned above. The extra $25k is to cover attorney fees, CPA fees, and other things.  The kicker is, I really don't have the ability to put skin in the game. I could fund raise from family as a last resort for a "down payment" to the lender, but I would really prefer to have just one note to pay. Any advice on how I should set the deal up since 2 are commercial and one isn't? Do you have any great lenders that work with me on this?