Using Hard Money for a Primary Residence

[Angel Velazquez]

Hi Everyone - 

Me and my wife are hoping to purchase our first home this year and I wanted to get some opinions in a strategy we are thinking of. 

Our main goals are to 

1) Have a home of our own

2) Build equity in the home we can use with a Heloc and have access to cash to invest in real estate

So our strategy it to get a hard money loan to basically flip or BRRRR a home in a sense but move in and get a mortgage on the home and pay back the hard money loan. Then utilize the equity for future investing through a Heloc.

So has anyone done something similar to this or have any thoughts and if any hard money lenders come across this I would love to talk.  

[Kerry Baird]

My hard money lenders will not lend on a property that will be owner occupied.  I had to sign an affidavit that it would not be owner occupied or by a relative, in fact.  We did buy with hard money, refinanced and then moved in.  So this is a place where you might get a NO, but need to press on with the refinance.