Cash on Cash Return

[Justin Kroepfl]

Quick question for everyone our out there. I am analyzing a possible purchase of two duplexes and the cash on cash return is around 4% when factoring the numbers from my private lender. The intention is to refinance the proeprties in 6 month into a conventional 30 year fixed loan. At that point the return is fantastic...so...do I ignore the return during the period I will be carrying the private loan and just focus on the return once refinanced?? 

Thank you for any responses!!