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Updated about 13 years ago on . Most recent reply

User Stats

73
Posts
8
Votes
Jeremy M.
  • Missouri
8
Votes |
73
Posts

Problems with this scenario

Jeremy M.
  • Missouri
Posted

Say I'm looking to purchase a home for 20k with a short term lender. This property is an investment property, and already has a tenant in it paying 700$.
Since I purchased it with a short term lender, I'm looking to quickly get it refinanced with a regular bank, lower interest 30 years fixed. Zero repairs done so I wnt have to wait 6 month for the seasoning.

What's gonna be the problem with this scenario?

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