NewB: Can I Refinance if I buy an owner finance property (duplex)

[Gerardo Hernandez]

Hello everyone Im looking to buy a duplex owner finance for 129k. ARV 180K, repairs 35k, rental income 1800mo. Terms 20k down, 8% interest rate for 15 years. not too sure if its a deal yet but looking to negotiate it. but my main question is can i refinance this with a bank for a better rate after i rehabbed it?

[Steven Foster Wilson]

@Gerardo Hernandez 8%????? Thats similar to a HML or Private money for a bridge loan. Is there a reason its so high? Typical rates for an owner occupied duplex would be 3.5%

Also yes you can refinance at a higher ARV but must wait 12 months or more if you plan on getting a conventional loan.