Paying above appraisal for great cash flow?

[Jose Duque]

Hi all,First time posting on BP, could use some input on my first deal. I have a prospective contract on a student rental that generates about 2.4k in rent, it is one of the better cash flowing properties that I have found at a great price per room for my area (about 20k/room). Price is 120k (so its 6 rooms) and the owner who is an investor himself does not want to go below 120. Problem is that there is no chance that the house is going to appraise for 120, so the owner wants me to get a second mortgage for the difference since i won't have enough time to make up the difference myself by closing. This is one of the best cash flowing properties at about 540/mo that I have found in months and I would hate to loose it because I am too scared to pull the trigger. Thoughts?