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Updated about 5 years ago on . Most recent reply

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38
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Pete Abilla
  • Investor
  • Salt Lake City, UT
18
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38
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Refinance after cash purchase

Pete Abilla
  • Investor
  • Salt Lake City, UT
Posted

I have an opportunity to buy a 5 single family portfolio. No rehab needed, all with tenants already. Here’s my question:

Is it possible to get a hard money loan to purchase the whole lot, then refinance all 5 as a portfolio to pay back the hard money lender?

Most Popular Reply

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429
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393
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Chris Coleman
  • Rental Property Investor
  • Washington, DC
393
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429
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Chris Coleman
  • Rental Property Investor
  • Washington, DC
Replied

@Pete Abilla

If your credit score and DTI qualify, then you can get 5 mortgages, even conventional, and close simultaneously. If you want to go portfolio or commercial, then you can definitely get a loan to cover all 5 properties, assuming they are cash flowing. You'll also need to show reserves.

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