All Forum Posts by: Lissette Diaz

let me give another scenario that we have been considering. 

We have primary residence - We have approx. 68,000K in equity and received the 107K private loan with no strings attached from my father in law to purchase the house across the street. He just wants his 107K back, no interest or anything. 

The investment home will serve as a rental property. We are considering completely paying off our current home.... using all the equity we can to pay off my father in law and just have the equity loan on our home to pay off. 

Does this sound like a stupid idea or are we in line with the smartest thing to do? 

Long story short - we received private loan for 107K to purchase our first investment home from my father in law.

Looking for options to refinance and pay him back immediately after closing.

All the lenders keep telling me I have to wait 6 months for refinance but the rules I am reading say I don't. 

THIS IS ALL SO CONFUSING.