I could possibly have an opportunity to purchase 8 condos together (in Kansas). This would be my first true investment property. (I just purchased a home and will be turning it into a rental later next year, and also have ownership in a duplex that my parents purchased). 6 of the condos are already occupied, 1 is going through an eviction and 1 is vacant. I have already obtained info about rents and expenses from 2013 and this year. It would be a great investment. However, I don't have the required down payment and was wondering if anyone would have any suggestions. The asking price is $190k. I've got $15k from a relative. That leaves $23k that I need to come up with. I've googled and searched these forums, so I've seen all the options your going to get with a basic search. I do not yet have any equity in my home, as I just purchased it a few months ago. At the same time that I purchased my home, my car died. Instead of acquiring debt, I used all of my cash to purchase a new one. If it weren't for that, I would have at least another 10k of my own. Now, I have nothing to show for the hard saving I've been doing for the last year and a half.
Anyway, I read an undetailed suggestion of getting a 2nd mortgage. Maybe someone could shed some light on this? I am partnering up with my brother. He doesn't have great credit or any money saved but owns a renovation business and has offered to do the maintenance in exchange for ownership. This would obviously keep maintenance costs down. Also, I am the Assistant Property Manager of over 500 homes, so I'm not jumping into this blindly.
Do I even have a chance of making it happen?
Thanks so much
