Updated almost 8 years ago on . Most recent reply
Private Lending and conventional Mortgage
Hello Everyone,
I just completed my first deal FHA 4% down - It was a two family in Weymouth Massachusetts. I kept the current tenants in one unit and gutted the other and renovated it and will be moving into it in a week. I will be refinancing, but was told to wait 6 months? Is this true?
I am a property manager and real estate agent and am now looking to buy a bigger building to manage. I guess I could take money out of my house after I refinance, but was wondering if anyone knew any private lenders that would lend for a down payment for a building in MA or RI??? I'm looking to do a 30 year loan but need the 25% down. I have spoke with a private lender that will give me a 0% down loan on a building, but in 5 years I either have to sell or refinance the property to pay them off. I am looking to hold it and the refinance option does not really work for any properties I have seen.