Leveraging 1 home to buy another

[Dale Wood]

I bought my first duplex last year and live in 2/1 half plex with $150k in equity and about $100k in the bank. I recently left my accounting job to find another career and I am wondering can I buy another duplex with the following plan. 

I was think of buying a duplex at $520k with hard money. Get the duplex settled and running, then turn around and get a traditional mortgage. I was told I will need 20% so I was going to refinance my half plex taking money out to cover the 20% and use my cash in bank to make up the rest. I still need to talk to a hard money lender about fees, interest rates and to do the ROI calc with those hard money fees but I'm feeling good about this plan.

Has anyone else done something like this? 

Ps. Always looking to meet up for coffee and real estate talk 

[Galen Ikonomov]

Dale, what Nick said.

After reading, hearing and using myself as an example. Try to utilize as minimal as possible from your Cash Reserves especially after you quit your job. You have a property that someone else is paying majority or all of the mortgage with ton of equity. Use that as you can borrow it extremely cheaply and keep your cash reserves as you are looking for your new career and also be ready to make offers when an amazing opportunity comes forward on the market or off market.

Good luck