Lending Options for Purchase of Multiple Properties
I currently own 3 rentals (4 doors). All have mortgages, but all properties cash flow. The last property I purchased was a duplex and the gentleman I purchased it from has 5 additional duplexes that he is willing to sell as one deal. The numbers look good (Purchase and Reno cost of $300,000 and $4500+ monthly rental income). My concern is getting the funding for this deal. My previous deals were all done through construction loans so no money down, but I had to drop nearly $10,000 of my own money into the duplex because of unseen issues. That was all of my cash!!!! I do have over $30,000 in a 401k, but I would like to keep that money there if possible. I have heard of converting a 401k into a self-directed 401k which would give me access to those funds without penalty. That would still only be 10% down I would need $80k-$90k for improvements. My questions is....
What are my lending options?
What have you done that has worked in similar situations?