Private Loans for Rental Real Estate

[Alen Murselji]

Hello, 

I have currently made $50,000 wholesaling real estate in the last two months and want to get into buying rentals. I have no prior job experience and would not qualify for traditional bank loans because i would need two years of pay stubs. Can someone explain to me how i can get approved for a private mortgage loan? and what are the rates for a private mortgage loan? One last question, if i were to buy a property cash, after i fixed it up and put a tenant in the rental could i refinance with a traditional bank (such as bank of america)?

Thanks 

-Alen