Trying to find financing for duplex

[Josh Willis]

So I have found a duplex both 2 bed 1 bath apts in my area, Rhinelander, WI, for $65k and I am really interested in buying and renovating it. The renovation costs would be around $80k. Problem is that I don't have enough to purchase it outright let alone pay for the renovations. I have thought about a FHA 203k loan but I have a family and kids that doesn't make that possible. It needs a lot done before it can be livable.

Another part of this is that it is so cheap as well as in a smaller area and hard money financing will not accept it. 

I would love to hear anyone else's thoughts on what I could do and if there are any unique ways to finance this project.

Thank you all and I can't wait to hear your insights and feedback!

[Bryce Jamison]

Have you talked to your local banks and credit unions? At145K total you might be able to get a personal or business loan if you have a home or a 401K you could leverage.

I'd also go to every real estate meetup in your area to see if someone there is willing to finance you. You may be able to find someone that will finance it for more involvement / a bigger piece of the pie than a bank.

And if you can't find financing, maybe it's something you get under contract and assign to someone who can fund it for a finders fee. Then you'll have more money for the next deal you find.