Creative Ways to Raise $ for a Down Payment on RE Investment

[Katie Johnson]

Good Morning All,

I am from NYC and new to the site! I am a residential real estate agent here in NYC looking to purchase my first investment property. I have been calling local and international banks for a blanket loan on a 6 unit investment property here in the Bronx, NY. Here are the numbers;

6 unit - 5 Unit Residential apartments - 1 Storefront (ground floor) great location.

parking space POTENTIAL on the side of building (vacant lot with curb cut)

cap rate 7.1%

$47.5k net operating income

GREAT DEAL!

I don't think I will have enough for a down payment (actually I dont!) - credit is 700. I have $0 for down payment at this time - I have 2 kids and married for 5 years and work 9am - 6pm everyday - I find it hard to save anything! I may get a loan based on my income/credit but I am stuck trying to raise $ for a down payment?!?!? what to do?!?! I am determined to make something from nothing, but how???

Are there any creative ways for me to raise funds for a down payment on my first investment property outside of asking friends, family and associates (no one I know has $$ I need to partner up with me)? 

Question is: am I basically stuck or should I budget and save some of my OWN $ and try again in 2 - 5 years?