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Updated almost 8 years ago on . Most recent reply

Account Closed
  • Tuscaloosa, AL
1
Votes |
8
Posts

Potential buy and hold, with refinancing

Account Closed
  • Tuscaloosa, AL
Posted

Hello everyone.

I'm looking at my first potential deal.

There's a four unit in the Huntsville, Alabama area that I am looking to buy and hold.

I am pre-qualified through a bank for the cost of the building based on the offer letter for my future job and my credit score. I can put 20% down if necessary.

Unfortunately I don't start my full time job until the end of July, and the bank needs two weeks pay stubs before closing.

So I have a few thoughts. 

Would it be possible to get a hard money lender to lend me the money from closing (hopefully mid-May) until August and then refinance with the bank?

Otherwise, it doesn't seem like there is any chance to make a 120 day contract and I doubt the building is on the market for that long. 

Thanks

Dave

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