How can I refinance? Seller finance?

[Rudy Munoz]

Purchase price: $118,000

ARV: $171,000

Borrowed: $22,000 (closing costs, remodel, utilities, mortgage)

Financing: Hard money (11.99%, 6-mo no interest)

Bought my first flip in March, tenant didn’t move out til April, began remodel and just finished. Home is ready to be sold. I kind of want to hold on to the property, but I need to pay back my investor, can’t cash out refi, credit isn’t there.. what can I do????

[Jerry Puckett]

Hi Rudy

To Clarify, how did you buy this property? Your loan covers closing costs, remodel, utilities, mortgage, and you mentioned seller finance...do you have the title? Are you on the hook for the loan of 22k or is there a note for the entire purchase price? 

Could you tell me how the deal was structured?