Financing my First Apartment? How?

[David Zheng]

Hey All,

Maybe I'm getting a little ahead of myself but a 12 unit apartment building went on for sale ($1,375,000) right down the street from me and I'm super interested.

2015 yearly expenses of about $14,500

insurance at $8000

Sewer $2000

Water and trash: $3200
ADT and Rottler $900

Currently all units are leased at an average $975 a month (I think I can get this to $1000 based on its location next to my medical school and 2 large undergrad campuses)

I'm extremely good at finding tenants as I have connections all over STL and have lived here for 22 years of my life, but I"ve just bought 2 rentals in the last 4 months and am under contract for a 3rd right now.

My cash reserves are almost depleted. Borrowing from friends and family and going into my 401k I might be able to rustle up 30-40k but that's a long shot for even HUD multifamily financing...

Would anyone have any insight on how to get partners or have creative financing strategies for me?
I've been doing a crap ton of research but it seems extremely hard....