BRRR Financing Question

[Andy Tavarez]

Hi! I’m planning on buy an under market single family with a Hard Money Loan. The reason why is because unfortunately most good deals I find require all cash. I currently have my eyes on one. My plan is to buy with hard money with some skin In the game and use a separate construction loan for rehab [203(k)]. Eventually after I have a month working at my original job (starting again back in August) I can get a pre approval lender for a Conventional loan. So that way I can pay off hard money liens and construction lien. And also doing this it will allow me to get an appraisal with raised equity since I will have already fixed the place up. Unfortunately due to covid I was laid off but my job really needs me back now, which is why I have the one month period needs at my job in order to get the pre approval letter again. Then after I get a Conventional loan to clear out the liens, refinance to get capital. And repeat. My question is IS THIS DUE-ABLE? Or are there better ways to improve this strategy or go a different route?

(Also, reason for conventional is because after I have 22% I don’t need to keep paying PIMI)