@Jason DiClemente Thank you for that, but now my question is, so I buy the property as if it was a flip, once it's rehabbed, get it appraised, and refinanced within the time frame of the first loan, and get a conventional or commercial loan on it? and when do I get the tenant in the property, once I refi or once I finish rehabbing?
You get it rented out before you refinance.
Perfect, thank you very much!
We use private loans up front (8-9% interest only), that way we can finance the whole purchase and rehab (or most of it as it usually goes) and don't have to pay a bunch of loan fees. Then we get a long term bank loan once it has been rehabbed and rented.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.