Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 10 years ago on . Most recent reply

User Stats

11
Posts
0
Votes
John Garza
  • San Antonio, TX
0
Votes |
11
Posts

Hard money refinance

John Garza
  • San Antonio, TX
Posted

Can I use a hard loan for a buy and hold rental property? Would I be able to refinance it with a conventional loan pay the lender back then rent it out? How would I go about doing that?

Most Popular Reply

User Stats

507
Posts
347
Votes
Adam Johnson
  • Rental Property Investor
  • Holley, NY
347
Votes |
507
Posts
Adam Johnson
  • Rental Property Investor
  • Holley, NY
Replied

@Assaf Furman - I don't have a BPO or appraisal done, but I should qualify that by saying that I am a broker and I am comfortable with my opinions of value.  I will go on to say that I always build in a decent cushion in case I am wrong on my opinion of value for the end financing, which I have been wrong about in a couple cases.

I am very particular about what I buy and don't shoot for high volumes of deals.  I try to make every deal count.  I will pass over 10 mediocre deals to wait for the "can't lose" deal.

It is not a bad idea to get a professional opinion of value ahead of time (BPO or appraisal) because it is dangerous to get trapped by your deal if you use this approach, unless you have extra funds to kick in to close on the refi in the event that the bank's appraisal comes in low.  Used correctly it can work very well.  Used as a way to "worry about it later" and you can waste time/money/energy trying to save it later.

Loading replies...