No money down through private lender to bank refi?

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Hi BP,

Just looking for the communities opinion on the strategy of using private money in order to buy a rental property with no money down. I am blessed to have a potential connection to a private lender who may lend at a rate of 6-8%, and want to explore this option. Basically I'm looking to hear from anyone has experience in the strategy of using private money to buy a property with no money down and then refinancing through another institution.. Lend me your thoughts!