I'm looking at a 4-unit residential property in central connecticut. The seller (who inherited the property) is motivated - doesn't want to deal with managing the units. The house is currently only 50% occupied. It is currently bringing in $1700/month at 50% occupancy and would bring in $3400 at full occupancy. I estimate the value at $220,000 and the house is on the market at $195,000. I have access to some private investment funds, but certainly not the 25% required for traditional lending.
I think this sounds like a good deal for me, but I'm looking for ideas on how to get it done.
Can I use a hard money loan for the money down on a traditional mortgage?
Can I use private investment funds ($20K max) in conjunction with hard money to finance the entire purchase?
Should I look at the option of seller finance for some portion of the financing?
I'd love feedback from some of you with more experience.
Thanks in advance!