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[Account Closed]

Hello everyone. My wife and I are looking to start our journey into long term buy and holds. We bought our home in 2015 with a VA home loan and our current equity is about $90,000. We would love to purchase a multi family nearby and have been looking into hard money loans to do it. Our issue is if we find a reasonable multi residence with minimal repairs, can we refinance into a conventional loan to pay off the hard money lender. We can use the equity but I am currently not employed so refinancing to put a down payment probably won't go through the paperwork for a conventional loan. We're very green to all of this so if what I wrote makes no sense I apologize. Our current residence is in Folsom Ca. Thanks

[Ned Carey]

@Account Closed welcome to BP

Without current income it will be tough.  Does your wife have income? Do you have prospects for employment?  Without income you may not even be able to get a loan to tap your equity. If you can't get a conventional loan now what makes you think you will be able to get one later to refinance out the Hard Money lender?

You haven't told us enough about your financial situation but my guess is you are not ready to do this.