Need help financing first Multi-Fam

[Jody Young]

If I may, I'd like to lean on the expertise of the community again :)
There is currently for sale a house (rented as two apt units) that once belonged to a family member here in Kentucky. I'd like to purchase it and continue renting it out. The gross rent is $1050.00 per month, and the purchase price would be less than $50k, but I need to invest about $8k asap to increase the rents to about $1400/month.
I only have $5500 available IF I do a cash out refi, more if my personal residence sells soon. What other options might I have to finance this rental and complete repairs?

[Nick Paul]

I would also recommend checking to make sure you are able to convert the property into a four-plex. There may be some zoning issues if the property was originally built as a single-family residence. Best to find that out first.

As far as financing, as Mehran has mentioned...partnering with another investor is an option. Also, if you have any family/relatives that would be interested that is an option as well. Just be sure to put everything in writing regardless of what creative financing route you choose. Best to spell out the details of how the deal will work and what everyones roll is before a penny is spent on anything.