Financing 4 duplexes as my first deal

[Account Closed]

Hello, 

I currently found a landlord in indiana that is trying to retire and  offload 4x duplexes ( 8 doors total) as my first potential deal. It sounds like a pretty good deal to me if I can find a form of conventional financing (30 or 15 year fixed) with < 20 percent down. 

-Each door rents for 900 with all 8 doors currently filled ( 7200 total per month) 

-Asking 390,000 for all four duplexes with 20 percent down 

-Haven't gotten to talking financing term (Percentage rate, Ammortization)

-Houses are located in an A-/ B+  area 

-He's willing to carry seller financing for me but requires 20 percent down which i can't afford all four duplexes at the same time ( only have 50k cash).

My only real issue is that i have a 600k mortgage myself as i live in the lovely hawaii and lenders see that i have a high DTI ratio.

-Does anyone have any recommendations as to whetherI should look at a portfolio lender locally or find a Credit Union in the area. If so what questions should I ask.

- I want to be able to bring options to this guy so that i can get him to work with me financing wise or be able to close all four houses simultaneously 

Any advice helps.

[Andrew Postell]

@Account Closed a conventional loan would not be an option here.  It sounds like you need less than 15% down based on your numbers.  I think it would be challenging to find a loan product that would fit here but your best bet would be seeking a different private lender.