Financing Options when closing on multiple deals

[Stephanie Drouillard]

Hello, I live in northern Michigan where rentals are in high demand (not many apartment complexes). I currently own one rental that is cash flowing about $200/month and am in the process of closing on another. Our loan officer told us we are pushing it close with our DTI ratio so I know this will be the last conventional loan for a bit. The day that our offer was accepted on the house we are closing on I received 2 calls from my direct mail marketing-both are interested in selling! I would love to purchase these houses since I am confident I could get them under value and rent them out quickly. My question is what other financing options can I consider to buy these? I proposed the idea of seller financing (land contract here in MI) but both sellers are older and wanted to get cashed out. Would a hard money lender make sense in this situation? If so, the other issue is I would be buying these houses for about 30K which most HML's will not lend on. Any other ideas out there?

Any ideas or help are appreciated! 

[Kiwi Mills]

@Stephanie Drouillard 203k are the rehab loans if you are moving into property as your primary residence. I used to feel the same way about Hard Money, but knowing what I know now I could have built my portfolio in 1/3 the time and gotten some great deals I had to pass on by not doing it. Hindsight is 20/20 but the interest rates and slightly higher points would have been worth it. Can't hurt to run the numbers right? All HML don't charge super high rates and I've seen 15% down on some properties with not a huge markup on closing. (some can roll into full 30 year after rehab to ease refinance fees.) I'm not a HML and not trying to sell you anything, but most HML can give you numbers without hard pull so technically you have nothing to lose by reaching out to a couple right? Think if you run some numbers side by side having interest only payments while rehab or after its all said and done with less original money out of pocket think you may be surprised.