30yr fixed refi lower rates against a portfolio
I found a portfolio to purchase that I believe will be quite lucrative we’re talking 22% cap rate!
The owner will finance me 1.8million of the purchase price but 15year 10% for 5 then 12% then 14% for the last 5.
I’m afraid of the balloon even though I’m good about setting the money aside.
I’m wondering how difficult it would be after purchase to get into a 30year fixed loan and what rates I might expect.
I’m looking for any advice here I’ve only been a landlord for 7 years or so and my portfolio now is under 1 mil.