HML (hard money loan) advice?

[Hudson Hlavaty]

Hello All,

Here is my situation. Early in 2016, I purchased my first house @ 300k in a great location in Austin, TX.

Since then I have tried to cram as much real estate knowledge as possible. I have looked at several SFH as my next option but, small multi fam homes really get my attention.

I have a good job that easily covers my mortgage and good credit. I recently went and got pre-approved at a conventional lender. It wasn't enough to cover a few of the duplex's I liked.... and the 20% down can be pretty tough for me starting out. (keep in mind most duplex's near Austin are 400-800k)

to my understanding- it seems HML is my best bet. In a perfect world- they would lend me what I need. The 'fix up' around the duplex goes smooth and I can re-finance through a conventional loan when its in good shape and lower my rate.

MY QUESTION(s): 

Where should I seek a HML with a place that would accept my limited experience? is it possible? Would i be able to put 5-10% down?Could they also lend me an additional 40k to fix this thing up!?

Many thanks! 

HH