Creative Ways to Finance a Triplex during COVID

[Whitney West]

Hi everyone!!!

Myself and 3 partners are trying to invest in a triplex.

History: 

We have owned one quad since September 2020 where one person is the mortgage holder. The plan is to refinance this property in September 2021 into all of our names if possible.

Current Situation:

Since COVID 

1 partner has been furloughed on and off since March 2020 but was most recently on payroll July-September 2020 and furloughed again since

2 partners have been furloughed since March 2020 getting back to work March 2021

1 partner has had her job throughout with no furloughs 

We want to continue investing and found a triplex for $327k that we can bring to an ARV of about $415k after about $20k of work.

We wanted to try and get an investment loan and use private money for our Down Payment and Renovation but we are having trouble getting funding because of the furloughs.

How would you fund this property?

We have asked the seller if he would seller finance to us and he said only a small portion (possibly the down payment).

Thanks for any advice in advance.