Steps to starting a BRRRR question...

[Byron Grim]

I need help making sense of this strategy. So please correct me where I am wrong...

My market is California. I am trying to purchase a Duplex, Triplex or Quadplex. These properties are going for $600K - $1.4M retail.

I will be doing a cash out refi on my single family in Nevada. Hopefully will have about $50K to play with when all fees and expenses are paid.

Now that you have the backstory...

I am finding that many of the properties I find are looking for Cash buyers. I will need a mortgage so I can afford any of these properties. Do I...(steps written in order of action taken)

1. Apply for a mortgage to see what I qualify for

2. Go find a Hard Money Lender so I can get Cash to purchase and improve the property

3. Purchase and Improve the property

4. Refinance out of the Hard Money Loan into a FHA or conventional

Please share your advice.