Hard Money, Bad Credit, Conventional Financing.

[Mark W Carpenter]

Hello all, I am a Acquisitions manager for a wholesaler here in OKC, Oklahoma  I absolutely love Wholesaleing and I get first look at all of our deals. 

 My question is my credit is horrible, but I am in the process of rehabbing it. The bottom line is I can not get a bank to give me funding. 

 I am in the process of speaking with a hard money lender and he is going to charge me 12%  with no points, but my question is how soon can I refinance that into a more conventional loan? 

Is it just as soon as my credit has repaired enough to switch it over? My goal is to only have the hard money loan for a year and then get my Intrest down to 4-6%... If I can be all in for 25k-35k I can cash flow about $150-$250 a Month with the hard money, but if I get that refinanced the cash flow goes up tremendously... Also the deals I am getting need less than 1-5kk in repair to be rentable and are 60-70% of ARV. So basically buying a house that would sell for 60-70k with 5-10k in repair

Thank you for all your answers and insight.