Advice about Refinancing a Land Contract
I'm doing my first land contract deal and I'm a bit nervous. I found a company that offers seller financing on vacant houses. I found a property that I think would make a great buy and hold and has a lot of potential. We got the house under contract for 31k and I know once it's rehab it can sell for about 90k or rent for 800 or up. It only needs about 25k put into it.
My concern is that the interest rate for the deal is about 12%. There is no pre pay penalties and I can handle the monthly payments easily. I want to refi as soon as possible since I plan to hold onto this one.
I heard about the seasoning period being 12 months, is there any way around that? Whats the best next step forward for this deal? If the land contract record what would I need to refinance this property quickly?
Thanks in advance!