Eyes bigger than my pockets

[Ryan Grinstead]

Hello fellow investors,

I am in a situation where I have my first duplex that is positive cash flow at $430. I used an FHA loan. I am looking to get my second property but it does not seem like I can get a loan for one at a down payment I can afford. The norm seems to be 15-20% down and on top if that I am told that I will to have 6 months cash reserves for both properties. Which comes out to be about 6,000 or more. This is also not including closing costs.

The current deal that was brought to my attention by my realtor is a Duplex for 55K needs some cosmetics, but I made a curb offer so I could get a walk through. Assuming I have a satisfactory walk through, what are some ways to raise the money or finance it in a more creative way? I have asked family if I could borrow from them, but I could only get about 2K if I had to.