Creative Financing for back to back properties - HELP!

[Gaston Barua]

Hello BP!

I was inspired today by the most recent BP podcast, and as it states; I am training my self to think about "how  I can expedite  my goals to financial freedom VS making excuses and giving into fear and analysis paralysis. 

That being said, I recently purchased a duplex that I was able to negotiate a deal on for a grand total of $100,000. I got a traditional 30yr fixed loan and am putting 30% down. Therefore, I will only need a loan for the remaining $70,000.  When I was approved for the loan I was approved for $225,000, so after speaking with my lender I will be able to use the remaining 155,000 toward a new property! This is great news, but now I need to figure out how I can fund the rehab costs? I currently have $60,000 in cash at my disposal and I plan to use $50,000 for the down payment and rehab of the first property. 

Any thoughts on how to creatively cover the down payment and rehab costs for a second property given the above scenario? Or am I going about this all wrong? 

I am eager to build my portfolio quickly, but I want to be smart about it.  Any tips would be awesome!

Regards,

GB