Refinancing our 5/1 while investing

[Robbie Taylor]

I'm a newbie here and future investor. My wife and I bought our house about 3 and a half years ago with a 5/1 ARM loan. It wasn't the best deal, but we didn't really know what we were doing at the time. So it's where we're at. We've come a long way since then. I'm a professor at a dental school and my wife is an now an agent. We're stashing away money this year to comfortably start purchasing buy and hold rentals. I'm a podcast junkie and am reading a ton. We learn more everyday.

We want to refinance our 5/1 ARM loan to a 20 year fixed. We also plan to purchase our first rental within 8-12 months, maybe a BRRRR (we're still figurging it out). Would there be any benefit to trying to work with the same lender to do both transactions? Maybe get a hard money loan for the BRRRR and do both refinance transactions at the same time? Is there any way to avoid big closing costs switching the ARM to a 20 year fixed? Thanks!