Questions about Refinancing after Renting (BRRRR strategy)

[Barry Rupisan]

Hello All - 

I am a newbie to the whole REI world. I have been reading up on the forums and listening to the podcasts but I cannot quite find the right answers to my questions.

I am thinking about using a hard money lender to help me with the down payment on my first and maybe second rental properties so that I won't have to use an FHA loan. After renting the property out, I plan on refinancing it so that I can pay the hard money lender back their money, then repeat as outlined in the BRRRRR Strategy.

BUT, when I refinance the house, will i be able to get a conventional loan for the entire amount even though I will no longer have the hard money use to initially pay for the down payment? I am not sure how that all works, I am a bit confused...

Any help is appreciated. 

Thanks in advance,

Barry