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Updated about 5 years ago,

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13
Posts
6
Votes
Jeremy Morton
6
Votes |
13
Posts

How to go from private money lender to mortgage

Jeremy Morton
Posted

Say I purchase a house for $100,000 through a private money lender. They also contribute $25,000 towards repairs. ARV is $165,000. Once the home is ready to go on the rental market, how would I then put that home down on my own conventional mortgage with no money down? Is it common practice in this situation to get a mortgage for $125,000, to repay the PML? Then that would keep the mortgage at around $750/mo leaving more room between rental price and mortgage. 

What am I missing?
What are other ways should I consider looking at this? 

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