Buying 35,000 in equity!!?

[Esteban Camacho]

My first deal and there is so much to still learn! I am currently working a deal with  two 9,000 sqf commercial lots with one 3500 sqf building on one.

The owners owe 10,000 in bad taxes witch I would pay when it's under my name plus 3,000 to the owner as well as covering all fees. 

I would need a total of 15,000 to buy the property witch the county  assessed at 35,000. My RE broker suspect it will  appraise at a minimum 50,000 as is how ever she will be doing a BPO to get a better idea of what we are working with. 

Can I buy this property with hard money and  immediately refinance to pay back the loan and start construction? 

Thanks in advance for your help! 

[Patrick Liska]

Yes, essentially you are going in to the closing then with a cash buy which gives you full equity.