Refinancing a rental after short term Loan?

[Michael Martinez]

Hi, My name is Mike I have bee reading the forums a lot going through all of the free offers and reading others threads to try to find an answer but I am currently trying to get into REI by buying rental properties in the Mobile,AL area. I'm only 19 I've been working the 9-5 since i was 15 and i already know its not something i want to do forever. I know i should post in the introductions first but I'm trying to go from the education to the doing right now I have several properties I have found online in areas recommended by property management companies that rent well and for a good price. Im considering a short term Loan through ether a hard money lender or a loan through my older sister who is interested in investing in Real Estate. Hard money loans have been hard to find between not having good credit and not having money to put down even for properties well under the 65% LTV for purchase price so any recommendations on that would be nice I keep running into dead ends with that and its very frustrating.

But my current problem is finding out how hard it is to refinance from a short term loan such as one of those, to a longer 15 or 30 year loan once the property is rented and income producing. Seeing as I have no credit i'm not sure how that will affect it but the properties I am looking at should have 30% equity in them from the time i purchase them. If the property has enough cash flow to cover the payments and I keep a 6 month cash reserve will a bank be willing to refinance to a long term loan? Any experience y'all have with this is much appreciated this is the only part I don't know about and cant find information on.