Updated over 6 years ago on . Most recent reply
Owner contract and refinance
I am working a deal that would allow me to purchase owner financed. I will give him 10% down with monthly payments and a 5 year balloon.
My goal is to rehab the property and then refinance to keep as a rental.
Here are the numbers
Purchase price- 225,000
Down payment- 25,000
Rehab- 50,000
ARV- 400,000
After the rehab can I refinance for 300,000 and pay myself back the downpayment and rehab costs? And payoff the original seller at the same time through escrow