Very new to purchasing real estate

[Mark Miller]

I am a wholesaler, but two properties came my way that I have no intent of assigning, as I think it's time to build my portfolio.  Both properties are next to each other, one is a duplex, the other a Single Family home.  I can purchase both properties for $60,000.  The Duplex alone is worth $78,000 and the Single family worth $22,000.  Both need cosmetic work and minor repairs.  I am not a do it myself type, so I plan to pay to get everything fixed out of pocket.  Couldn't I just refinance right away and get all that missing equity back?  Then use that money to fund the repairs?  I am not familiar with refinancing, and apparently most refinancing calculators aren't designed for investors.