Hard Money Loan on a House hack

[Dia Moore]

I'm moving to LA in January to finish up school and start my acting career. I want to do a house hack to cut down on my expenses and avoid being a starving artist, but I have to start over with my work history after being out of work for a year and a half due to medical reasons.

I'd previously consigned myself to just paying rent for the next two years while I rebuild my income history, but then I thought what if I just use a hard money loan instead?

Would it be possible to use a hard money loan for a year or two on a house hack and then refinance once I have a more solid work history? I would be looking to do this on a fourplax. Are there limits on how much you can borrow on a hard money loan?

[Frank Hinck]

@Lee Ripma

Hard Money lenders will not lend on a House Hack, due to Dodd Frank any loan on an owner occupied property is a mortgage. Unless the HML also is a licensed mortgage originator, unlikely. Plus on an HML you still need to put down 20% plus construction costs. HMLs don't usually lend to first time flippers, or BRRRRs without major construction or real estate experience. Besides experience, the property / deal is largely what an HML will look at so it needs to be a smashing deal if you have no experience and little $ down.