Updated almost 8 years ago on . Most recent reply
First Purchase, 21 Unit Townhome
So, I am purchasing my first rental property in my home town and it's a pretty big investment. I spotted this ran down complex that has a ARV double the acquisition and rehab costs. Projecting a 6 figure cash flow annually, I decided to take a more aggressive approach into the investment world. I have an experienced contractor that will be overseeing the project as I do not live in the state of this purchase. In addition, I am using a hard money loan in which I will be paying the monthly interest with my line of credit from my bank. The line of credit will cover the payments for 1 yr. My question is can I refinance he complex under a year's worth of partial rentals? I know banks like for single family properties to have 6 or 12 months of rental income. But, what if I do not have full occupancy considering the fall season is approaching?