Combining Loans/LOC in an Expensive Market

[Mike Huang]

Hi BP,

I live and want to invest in a rather expensive market (Queens, one of the 5 boroughs of NYC) and thus the most conventional strategies do not apply here. Working to save up for a down payment takes far longer than in other parts of the country. As for why I'm here, personal reasons aside, I have property management experience so I want to invest here, at least for the time being.

That being said, I have been exploring partnerships, hard money lenders and unsecured lines of credits. Most HML would not lend 100% LTV so I was wondering if it would be acceptable to use a line of credit to fund the rest. This is all with the intention of buying, rehabbing, renting it out and refinancing as soon as the seasoning period is up.

Has anyone used a combination of leverage like this? Or maybe there are other ways like this?