Leveraging 1 home to buy another
I bought my first duplex last year and live in 2/1 half plex with $150k in equity and about $100k in the bank. I recently left my accounting job to find another career and I am wondering can I buy another duplex with the following plan.
I was think of buying a duplex at $520k with hard money. Get the duplex settled and running, then turn around and get a traditional mortgage. I was told I will need 20% so I was going to refinance my half plex taking money out to cover the 20% and use my cash in bank to make up the rest. I still need to talk to a hard money lender about fees, interest rates and to do the ROI calc with those hard money fees but I'm feeling good about this plan.
Has anyone else done something like this?
Ps. Always looking to meet up for coffee and real estate talk