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Updated over 4 years ago,
Hard Money Loan on a House hack
I'm moving to LA in January to finish up school and start my acting career. I want to do a house hack to cut down on my expenses and avoid being a starving artist, but I have to start over with my work history after being out of work for a year and a half due to medical reasons.
I'd previously consigned myself to just paying rent for the next two years while I rebuild my income history, but then I thought what if I just use a hard money loan instead?
Would it be possible to use a hard money loan for a year or two on a house hack and then refinance once I have a more solid work history? I would be looking to do this on a fourplax. Are there limits on how much you can borrow on a hard money loan?