@Tom HallAt 7% if you can I would pay it down as investing it net after tax gains may not get you the 7% you are paying - so it’s less riskDownside is you lose liquidity of that money as it’s tied in your propertyIf rates come down in future you can refinance and even take some of the cash out.Regarding your question are rates coming down, a lot of factors come into play but right now it does not appear there will be significant changes to rates over next 3-6 months.

Remember, many sellers are looking for solutions to problems, so your role is about providing a service as much as closing a sale.As you navigate the wholesaling process, keep in mind the importance of due diligence.

The cost of labor , materials , property taxes , inflation , interest rates  etc .

You’ll still need lots of due diligence and time closing your first investment, so why not get more units with similar effort?

If not on the MLS, they have to be about to be foreclosed on, way behind on their property tax or some situation that MAKES them HAVE TO sell.Same with rentals.

---NOTE: a conforming loan is overall CHEAPER than an FHA loan due to FHA upfront MIP being nonrefundable if you refinance or sell.Recommend you speak with a mortgage broker about all these options.

Additionally, there are Facebook groups where you can find some decent help, but there has to be quite a bit more due diligence and vetting with any and all contractors.

The property will be sold upon completion.Rate:  12.05%Term:  13 months interest onlyARV:  $648,000Loan Amount:  $433,000Processing Fees:  $15,361.64 (3 pts plus processing fees)Escrow Charges:  $3,130.90Insurance/taxes:  $1,722.82Construction Holdback:  $498,361Cash to Close:  $84,762.36 In the OP, you said that the loan amount was $346k.

Take ownership of your mistake and learn to do the proper due diligence recommended above😊

If you need financial help, ask under the "Finance, Tax, and Legal" forum.