Funding an 8-plex deal with low money

[Nathan Roberts]

I have a question and am looking for advice on a deal that has come my way.

I am a relatively new flipper, flipped a couple of deals and am really enthusiastic about getting into real estate. I want to explore the possibility of purchasing rentals for cash flow income. I found an 8-plex in our area, the seller wants 850k and it looks like a great deal. 8% cap rate and around 500 cash flow per door, but almost all of my money is tied up in my current flipping deals right now and so I'm looking for creative ways to come up with the cash needed to fund a loan like this. I have excellent credit and a good relationship with a local wholesaler firm who has helped me find and fund my flipping deals. But this deal is off market and my wholeselling relationship doesn't deal with commercial loans.

I looked into Patch of Land, and they are willing to fund a loan that covers 2/3's of the deal but is interest only for 1 year. Should I take that deal with the idea of refinancing in 1 year? Or is there a better way to go about this deal?

[Anthony Dooley]

@Nathan Roberts Keep in mind that you are buying in Seattle at the most expensive time in human history. Do not assume that the market will continue to do what it has been doing for the last few years. I hope you make millions. Good luck.