I'm Looking For Financing
Can anyone help me to figure out how to get financing for this property that I have under contract? the property is 4 small buildings with six occupants two units rent for 250 and the other four rent for 200 each unit is fully furnished and will be conveyed. Also the property has 4 current leasees. It has a stable income history and brings in 1300/mo. (units rarely unocc more than 1-2 months) The Seller has agreed to 71K which looked good to me. I have only about $4500 in capital but may be able to get another 2k. My middle credit score is 711 and this will be my first investment property besides my primary residence. I don't want to put more than 5% down and the seller will pay 2K towards CC. I'd appreciate any leads 
What's the net operating income on it?
Ask for the owners sched. E from his taxes. That will show what he put on his taxes for the property in income and expense.
Does he have a mortgage? Can you assume it? Wrap around mortgage? Buy it on a Lease option?
Is it going to be owner occupied?
What type of building is it and how is it classified legally? this is very important as it will determine how you will be able to finance it (eg, 2 homes on 2 parcels and a duplex on another parcel)
Without more information I can't give you any great advice.
One more thing....
From what you said, it looks like a small, but great deal financially. Do your due dilligence and move forward.
Thanks for your reply,
This will be a NOO property. Taking into account a 20% vacancy rate as a safety measure and factoring in management fees @10% (I'm inexperienced! ) the property has a NOI of $9240. The Seller refuses to allow me to assume because of timing involved (closing date scheduled for 31 Aug) and the property is listed as residential on the tax rolls they are all on one parcel.
P.S. one more thing the seller is willing to carry back 10% ($7100) in a 2nd Mortgage
First You have good credit 711, i have prgram i'am using, IF the LTV is Low we don't required down payment, Now rental property is cosiderd 75% occupied, What it does Mean? It means that the rent income has to be more than your mortgage by 25% .