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Updated almost 7 years ago on . Most recent reply

Jeremiah Gaviña's profile image
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Jeremiah Gaviña
  • from Levelland, Texas
  • Member since Nov 13, 2017
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Jeremiah Gaviña
  • from Levelland, Texas
  • Member since Nov 13, 2017
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Jeremiah Gaviña
  • Levelland, TX
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General Landlording & Rental Properties

Loan from a friend to purchase and fix a house for a rental.

Jeremiah Gaviña
  • Levelland, TX
Posted

If I get a loan from a friend to purchase and fix a house for a rental, do I refinance with a bank once I’m done and have a tenant? Thanks 

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Patrice Penda
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  • from Hoboken, NJ
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Patrice Penda
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  • from Hoboken, NJ
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Patrice Penda
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  • Hoboken, NJ
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Patrice Penda
  • Investor
  • Hoboken, NJ
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Yes! Unless your friend is very rich and is not worried about waiting a very long time, you would normally refinance and return the borrowed funds (plus interest, if any) if you looking to hold on to the property as a rental.

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