How to finance a rehab on a new property?

[Philip Henderson]

I want to buy a distressed property, rehab it and then rent it out. Is it better to get a first loan for 75% of the ARV with hard money for 60 days, pay the sales price and use the delta (and any extra personal cash if necessary) to do the rehab project, and then refinance to a conventional loan (Is this considered a BRRRR?))? Or, would it be better to get a conventional loan for the 80% of the sales price, and then get another loan for the rehab? The first route involves 2 closing costs, the second one would only involve 1, since the second loan isn't a mortgage.

Please respond if you have experience with this?

Thanks

Philip