All Forum Posts by: Jonathan Pitts

Thanks for the feedback @Anthony Susco!  The seasoning and amount of the refi are both expected factors.

Hello everyone!  First post on BP and looking forward to some input.  I've managed a few rentals in the past and currently own two cash flowing properties, however, this is the first time I've looked into using private lenders to make a few deals -- specifically friends and family.  My father has jumped on board and is willing to fund a few properties.

We just closed (last month) on one of the properties which is already tenant occupied and cash flowing. Our local title company drew up the mortgage and note which I gave my father on the property. This mortgage has been recorded in the public records. The plan is to be able to rate-and-term refi out of this this later with a conventional bank so I can pay him back. Basic idea is to use him like a HML to fund the initial deals then refi out later and do it all over again.

My question is this - Is it as simple as it seems?  Am I able to take this mortgage to a conventional bank and simply refi as if it was any ordinary mortgage from a conventional lender? Anyone have experience with this scenario and had any issues I should keep an eye out for?

Thanks! :) Jon

Thanks for the welcome Trexie! I'm currently looking for financing options for rentals, both SFR and MFR. I hope to have a MFR develop project underway soon. Offer has been accepted on a ~9 acre vacant parcel, zoned for multi-family. Should close within the next month or so. :)

Hello everyone! I am a real estate investor in North Central Florida. I currently have two single family rental properties and managed a few more.  My plan is to continue to acquire additional properties over the next 10-15 years to build a steady retirement income stream and increase overall net-worth.  I am eager to learn and look forward to working with the BiggerPockets members!