Please give some advice on my first potential deal

[Shaun B.]

I'd like to know if my strategy is a good way to go about my first deal.
I found an off market deal and the numbers look good, I'm submitting an offer.

$350,000 to purchase $100k rehab AVR $625,000

My question is mainly about how I'm going to finance and if this is the best way to go.

The plan is to do a cash out refi on my primary increasing my loan to $450k from around $340k puts me at a 70 LTV

Put down around $70k on the new property and get hard money for acquisition and rehab. At the completion of the rehab I will refi into a better loan and hold or sell what ever looks best to me at the time.

I'll have to admit I pretty anxious just thinking about spending money like this but barring any catastrophes the numbers work.

I'd like to know if I'm taking the best steps on the financing, a few more notes I'm self employed and I'm doing a bank statement refi the rate is higher than I'm paying now at 6.5 I'm at 5.25 now