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Updated almost 8 years ago,
Potential buy and hold, with refinancing
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